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China Mulls Domestic Iron Ore Index
China Iron & Steel Association is considering floating a domestic iron ore price index.
China Iron & Steel Association (CISA) is considering floating a domestic iron ore price index, Reuters reports. CISA is planning to start with a domestic price index and extend it to imported iron ore at a later stage.
The index will be constructed to guide both the domestic and import market. The steel industry body opposes the use of foreign indexes in the setting of iron ore prices as they are vulnerable to speculation and manipulation.
Click here for the story from Reuters.