SHANGHAI - The China (Shanghai) Pilot Free Trade Zone Iron Ore Index
has been launched in Shanghai as one of China's moves to open up its
The yuan-denominated price index, jointly launched Friday by Shanghai
Ore International Trade Center, Xiben New Line Stock Company, and
Shanghai OTC Commodity Derivatives Association, combined China's import
iron ore prices with internationally prevailing prices.
The index will be published every business day at 9:15 am.
China imported 1.075 billion metric tons of iron ore in 2017, which
accounted for 70 percent of global imports. Along with the growing
domestic need for hedging, the world's leading consumer of iron ore has
long been in demand of bigger say in setting commodity prices.
"By launching China's ore index, more accurate and precise price
information can be provided for the operation of China's commodity
market," said Yu Jianguo, general manager of Shanghai Ore International
Trade Center, adding, "China will also increase its role in setting
global prices and forming its own commodity price system."
China has already launched trading of crude oil futures contracts and
the Shanghai Gold Benchmark Price in the past few years among its
steady moves to further open up the financial sector and commodity