On May 8, 2012, China Iron Ore Spot Trading Platform ("the platform") was launched, marking a new and important step for global iron ore market participants in exploring the establishment of an open and transparent pricing mechanism. In the past decade, under the operation of Beijing Iron Ore Trading Center Corporation ("COREX"), the platform has been practicing its mission of serving the physical economy, resonating with the era and the industry, and developing at a solid and steady pace. The platform is well recognized and supported by the government departments, industry associations and more than 500 members, and has become a role model of "building, winning and developing together" of the global iron ore industry.
Serving Commodity Circulation
Iron ore is an important strategic material that affects people’s livelihood, and open trading on the platform helps the orderly circulation of the commodity and the regulated development of the market. After ten years of operation, the platform has established a mature and comprehensive trading system and the trading volume has increased steadily.
The world's No. 1 iron ore spot trading platform since 2016;
Iron ore deals totaling around 330 million tons were concluded on the platform by May 8, 2022;
More than 100 types of products were traded in more than 25 domestic ports, achieving almost full coverage.
Facilitating Price Discovery
Base on its adequate and transparent trading information, the platform compiles and publishes iron ore spot benchmark price, providing the market with a true and objective price reference.
In August 2014, the RMB 62% benchmark price was used by Shanghai Clearing House for the settlement of RMB iron ore swap transactions;
In December 2019, the platform launched the Caofeidian Iron Ore Price Index with the Caofeidian District People's Government of Tangshan City;
In October 2021, the platform released RMB 61% portside iron ore spot benchmark price.
Promoting Innovative Development
The platform persistently innovates and explores flexible and diversified spot trading modes, as well as interactions between spot and future market.
In 2017, the platform started its tender service and launched the first independent third-party iron ore tendering system in China in 2021, with more than 200 enterprises participated, achieving a trading volume of more than 23 million tons;
In 2020, the ore supermarket was jointly launched with HBIS, with more than 150 companies participated, achieving a trading volume of more than of more than 27 million tons;
In 2021, the iron ore non-standard warehouse receipt trading service was jointly launched with Dalian Commodity Exchange, setting a role model for the cooperation between of China's spot and future commodity markets.
Reply of the State Council on Pilot Program on Comprehensive Pilot for Advancing a New Round of Service Industry Opening-up Expansion in Beijing and Building Comprehensive Demonstration Zone for National Service Industry Opening-up Expansion, explicitly stated to facilitate COREX to establish a scientific and reasonable commodity pricing mechanism, giving a new impetus the future development of the platform. In the next decade, COREX will insist on innovation and market orientation, work with the market participants to promote the sustainable development of the platform, and make outstanding contributions to the global iron ore and steel industry!
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