Rio Tinto joins iron ore trading platform BHP Billiton has not stated its position

Rio Tinto, one of the world’s three largest iron ore producers, formally signed an agreement with Beijing International Mineral Exchange on the 30th to become an initiating member of the Chinese iron ore spot trading platform. Coupled with the signing of a memorandum of understanding (MOU) with the Beijing International Mining Exchange on the 29th to support China's iron ore spot trading platform Brazil's CVRD, the world's three major iron ore producers have no action on BHP.

With the "spot" trend of global iron ore trade has taken shape, the pricing and trade mechanism for iron ore pricing with more transparent and open trading pricing is ready to emerge. Under this background, the China Iron Ore Spot Trading Platform was co-sponsored by the China Iron and Steel Association, the China Minmetals Chemicals Import and Export Chamber of Commerce, and the Beijing International Mineral Exchange, aiming to maintain market pricing and transactions through electronic transactions. Open and transparent. The platform was launched on January 16, 2012 and began trial operation on the 29th.

In fact, while building the iron ore spot trading platform in China, GlobalOre, another international iron ore spot trading platform established in Singapore, is also under intense preparation.

Faced with the respective characteristics of the two iron ore spot platforms, Rio Tinto, BHP Billiton and Vale have always maintained a “neutral” attitude, and they have repeatedly expressed their support for any “open, neutral, transparent” trading system. However, it has refused to express its views on these two iron ore spot trading platforms.

However, on March 20, 2012, Australia's FMG Corporation formally signed an agreement to become a member of the China Iron Ore Spot Trading Platform. Things have changed. Zhang Jiabin, general manager of the Union Metals Iron Ore Department, believes that FMG will be the first to join the North Mining Institute. First, it will need a large number of new customers due to its planned expansion of 155 million tons of iron ore by 2013; second, FMG is about to enter a large-scale mine. Ranks, FMG to seize hot topics to increase publicity; Third, from the first FMG in 2009 to conditionally reach a conditional price with China can be seen, FMG has the first to change the practice.

“The mine-supporting iron ore spot trading platform is even more important to realize the spot trading of iron ore trading, because spotting is the guarantee for maximizing the profits of mines,” said Zhang Jiabin.

Xu Xu, president of the China Minmetals Chemicals Import & Export Chamber of Commerce, said that the Chinese iron ore spot trading platform will be officially launched on May 8.