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China’s new spot iron ore trading exchange
has signed Brazilian miner Vale as its founding member, according to Shanghai Daily report.
China Beijing International Mining Exchange (CBMX) and Vale, the world’s largest iron ore exporter, signed an agreement in the port city of Qingdao on April 18.
CBMX will officially open business in May. It is backed by major Chinese steel mills and traders in a bid to enhance China’s power in price negotiation.
The signing has left BHP Billiton of Australia as the only one of the world’s top three iron ore suppliers that hasn’t joined the Beijing platform. Australia’s largest ore producer Rio Tinto signed up in March.
BHP, which backs a similar trading exchange in Singapore, said it’s positively studying participation and is “in principle supportive of any platforms that support market transparency and liquidity”.
Fortescue Metals Group Ltd, Australia’s third-largest iron ore exporter, is the first foreign member of CBMX.
Comment
The signing marks a step closer to exerting the influence of China on iron ore prices as the world’s largest iron ore importer.
has signed Brazilian miner Vale as its founding member, according to Shanghai Daily report.
China Beijing International Mining Exchange (CBMX) and Vale, the world’s largest iron ore exporter, signed an agreement in the port city of Qingdao on April 18.
CBMX will officially open business in May. It is backed by major Chinese steel mills and traders in a bid to enhance China’s power in price negotiation.
The signing has left BHP Billiton of Australia as the only one of the world’s top three iron ore suppliers that hasn’t joined the Beijing platform. Australia’s largest ore producer Rio Tinto signed up in March.
BHP, which backs a similar trading exchange in Singapore, said it’s positively studying participation and is “in principle supportive of any platforms that support market transparency and liquidity”.
Fortescue Metals Group Ltd, Australia’s third-largest iron ore exporter, is the first foreign member of CBMX.
Comment
The signing marks a step closer to exerting the influence of China on iron ore prices as the world’s largest iron ore importer.