Dalian: Iron ore futures for physical delivery debuted at Dalian Commodity Exchanges today as China takes more control on the price of seaborne commodity trade.
The market opened at nine in the morning on Friday for seven monthly contracts for delivery from March to September next year.
The exchange, China’s third largest by volume of futures, will use stockpiles of the steel-making feedstock at shipping terminals including Tianjin and Qingdao, as well as material held at mills.
Overseas companies will be allowed to trade via units registered in China.
“China is a natural home for iron ore trading as the biggest user,” said Wu Wenzhang, head of research at Shanghai Steelhome Information Technology Co. [18/10/13]