China's first iron ore spot trading platform made its debut Tuesday as the country, the world's largest consumer of the commodity, strives to up its pricing power.
The first-day transactions totaled 242,000 tonnes and around 33.17 million U.S. dollars.
The platform is jointly launched by China Beijing International Mining Exchange (CBMX), China Iron and Steel Association (CISA) and China Chamber of Commerce of Metals, Minerals & Chemicals Importers and Exporters.
It is hoped that the platform will create a fair, just and transparent international iron ore pricing system, said Wang Xiaoqi, vice chairman of CISA.
Trading hours are 9:30 a.m. to 3:30 p.m. with a two-hour break from 11:30 a.m. The benchmark trading price will be set based on the average prices on the previous trading day, while the daily trading band is set at 10 percent.
So far, the platform has 152 members, including major Chinese steelmakers such as Baosteel, Anshan Iron and Steel Group and Hebei Iron and Steel Group as well as top foreign miners BHP Billiton, Rio Tinto, Vale and Fortescue Metals Group Ltd., said CBMX president Dong Chaobin.
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