MIIT made research tour at Beijing Iron Ore Trading Center Corp

Published: Nov 15, 2019 14:08

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The trading center is expected to further enhance the spot trading volume by taking full advantage of China’s huge market

SHANGHAI, Nov 15 (SMM) – A team led by an official from China’s industry ministry made a research tour at the country’s top iron ore trading platform Beijing Iron Ore Trading Center Corp (COREX) on Tuesday November 12, indicating Beijing’s growing concerns about the steel raw material after prices of iron ore soared early this year.

Lv Guixin, an inspector of the raw material department of the Ministry of Industry and Information Technology, put forward some development prospects for the iron ore trading platform during the visit.

The trading center is expected to strengthen the integration of resources and further enhance the spot trading volume by taking full advantage of China’s huge market, and to help facilitate the establishment of a reasonable iron ore pricing mechanism, secure iron ore supply and boost the high-quality development of China's iron and steel industry.

COREX, established in 2014, is a joint venture company approved by the Beijing government and relevant regulatory authorities, and initiated by 13 shareholders, including China Iron and Steel Association, China Beijing Equity Exchange, Baoshan Iron & Steel, Angang Group, Shougang Group, Hebei Iron & Steel Group, China National Minerals, Sinochem International, CITIC Metal, Vale, BHP Billiton, Rio Tinto, and FMG, according to the introduction on the company’s website.

Iron ore

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