China plans to launch its first
physical iron ore trading platform next month as part of efforts to gain more
control over pricing in a sector dominated by foreign suppliers.
Ma Zhipeng, vice-general manager
of research and development at the China Beijing International Mining Exchange
(CBMX) said on Thursday that the new online platform would be formally launched
at the end of December.
CBMX officials told that the
platform would be open to international and domestic iron ore producers,
traders and steel firms, but in a bid to deter speculation, banks and financial
organisations would not be allowed to participate.
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