The world's three major miners will join the Chinese iron ore trading platform

According to Xinhua News Agency, Chongqing, March 23rd, with the global iron ore pricing model developing from the "annual long-term price" to the current "monthly price" model, the spot trading platform with shorter cycle and more flexible and transparent trading is on the horizon. It is understood that as one of the two most concerned iron ore spot trading platforms in the world, the China Iron Ore Spot Trading Platform is scheduled to be simulated on March 29, and the entity transaction will be officially launched on May 8. Xu Xu, president of China Minmetals Chemicals Import and Export Chamber of Commerce, revealed the information at the 2012 International Conference on Metallurgical Products held in Chongqing on March 23. China's iron ore spot trading platform was jointly initiated by China Iron and Steel Industry Association, China Minmetals Chemicals Import and Export Chamber of Commerce, and Beijing International Mining Rights Exchange. Beijing International Mining Rights Exchange has revealed that China's iron ore spot trading platform will give full play to the role of market price discovery, form a credible iron ore price formation mechanism, reduce the iron ore price fluctuation caused by artificial malicious speculation, and promote Form a fair, just, reasonable and transparent international large-scale mineral product pricing mechanism to promote the healthy, orderly and stable development of the iron ore market. (Editor's note: Previously, some insiders pointed out that the platform can be regarded as the Chinese side vying for a new round of iron. A new attempt at the ore voice.) China is currently the world's largest importer of iron ore, accounting for 60% of the global trade market. China is also the world's largest iron ore spot market, with at least 200 million tons of onshore iron ore being traded at the spot price of the port. But Chinese steel companies have always been subject to high pricing by iron ore companies. Zhang Changfu, vice president and secretary general of China Iron and Steel Association, said at the 2012 International Conference on Metallurgical and Mineral Products held on the 23rd that with the continuous increase of domestic and international mine supply, China's steel production growth slowed down, ore demand cooled, and the price of minerals further Falling space. It is understood that at present, Baosteel, Anshan Iron and Steel, Wuhan Iron and Steel, Shougang, Hebei Iron and Steel and other iron and steel enterprises and China Minmetals Group, China Steel Group, Sinochem International, CITIC Metal, China National Building Materials and other iron ore trading companies have agreed to China Iron Mine Stone spot trading platform launches members. On March 21st, Australia's fourth largest iron ore company, FMG, announced that it has become a member of China's iron ore spot trading platform. This is also the first overseas mine to join China's iron ore spot trading platform. Zhang Changfu revealed yesterday that Rio Tinto, BHP Billiton and Vale, the world's three largest iron ore producers, are also expected to join the Chinese iron ore spot trading platform in the near future. In addition, another iron ore spot trading platform, established in Singapore's GlobalORE, previously revealed that the official trading of the platform will also begin in the first half of this year, and the current simulation transaction has begun.

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