As reported here in March, China will unveil its first iron ore trade platform in the next week in Rizhao, a major Chinese port, which signals that the establishment of the country's iron ore price index is under way, the official Xinhua News Agency reported on Friday.
Rizhao International Iron Ore Trade Center will mainly provide electronic commerce services for iron ore suppliers and steelmakers, Xinhua reported, citing Bai Wenhui, an executive of a major shareholder of the trade centre.
The trade centre is jointly owned by five local private companies pursuing bulk commodity transactions in the eastern province of Shandong. Its registered capital totals 20 million yuan ($2.93 million).
"As the biggest iron ore importer, China has not set an iron ore price index to date. The iron ore trade center will promote orderly iron ore imports and standardise activities of trading parties, and gradually facilitate China in launching its own iron ore price index in the future," said Bai.
Source: Reuters
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