China's first iron ore physical trading platform will be launched next month

China plans to launch its first iron ore physical trading platform in December as part of an effort to win more pricing control in the foreign supplier-led iron ore industry.

Ma Zhipeng, deputy general manager of the Development Research Department of the Beijing International Mining Exchange (CBMX), told Reuters on Thursday that the new online platform will be officially launched at the end of December.

Ma Zhipeng confirmed that CBMX will also propose a new iron ore price index based on the transactions concluded at ports in the country and abroad.

CBMX executives told China Daily that the platform will be open to international and domestic iron ore producers, traders and steel companies, but to curb speculation and not allow banks and financial institutions to participate