China Set To Unveil Iron Ore Platform

China is planning to roll out its first physical iron ore trading platform next month, Reuters reports. The platform, which will be open to international and domestic iron ore producers, traders and steel firms, will post the prices for successful trades online without identifying buyers or sellers, adds China Daily.

The platform will be set up jointly by China Beijing International Mining Exchange (CBMX), Aluminium Corp. of China and China Everbright Group. Financial organizations and banks may not participate in the platform in order to avoid speculation. The CBMX will also launch a new iron ore price index based on completed transactions at domestic and overseas ports.

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