China has rolled out its own iron ore price index on Monday, All Headline News reports. The index has been unveiled in a bid to gain an increased say in global pricing by the country, the biggest user of iron ore raw material. The index uses iron ore prices of April 1994 as its base for computation, and is released weekly. It covers two indices, one for domestically produced iron ore and another for imported ore.
The China Iron and Steel Association (CISA), the China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters, and the Metallurgical Mines’ Association of China have jointly compiled the China Iron Ore Prices Index.
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