China Steel Association: steel companies are not encouraged to join foreign iron ore platforms
Just half a month after the operation of the China Iron Ore Spot Trading Platform, the Singapore-based iron ore spot trading platform GlobalORE (Global Iron Ore Platform) came: Baosteel Group, Minmetals Group and Hunan Valin Steel have joined The platform also became an initiating shareholder. Yesterday, the China Iron and Steel Association expressed that it hopes that Chinese steel companies will support the domestic iron ore platform, and China Steel Association does not encourage domestic steel companies to join the Singapore platform. According to a notice released by GlobalORE on the official website on Thursday, there are seven sponsors, in addition to the three Chinese companies mentioned above, including the trading giants Glencore and the three major international mines, Brazil's Vale, BHP Billiton and Rio Tinto. The platform is scheduled to go online next week. The reporter verified to the above three companies yesterday that Valin Steel and Baosteel Group have joined the platform and become the founding shareholders. Baosteel Group Public Relations Manager Meng Haijun told reporters that Baosteel Group believes that North Mines and GlobalORE will play a complementary role as domestic and overseas iron ore physical trading platforms, which will facilitate reasonable pricing. For domestic large steel enterprises to join GlobalORE, Wang Xiaoqi, vice president of China Steel Association, told reporters yesterday: "The platform for domestic steel companies to join Singapore is the independent choice of enterprises. China Steel Association will not interfere with this. There will definitely be only one iron in the world. The ore spot platform, but the domestic platform is already large enough, and it is hoped that domestic steel companies and traders will support it to accelerate its maturity." News background Domestic platform online half-month trading is dull The China Iron Ore Platform was jointly established by China Steel Association, Minmetals Group and North Mines. It was listed on the North Mine on May 8th. The purpose is to break the high monopoly of foreign iron ore suppliers. The data shows that from the opening of the market on May 8 to May 23, the total turnover was 7 and the total transaction volume was 854,487 tons; there were 8 days of zero transactions in 12 trading days. The volume is flat.
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