Australia-based miner BHP Billiton has joined China's first iron ore spot trading platform which was launched in January this year with the backing of the China Iron and Steel Association (CISA), according to media reports. The trading platform is operated by China Beijing Metals Exchange (CBMX).
With the addition of BHP Billiton, all the major iron ore companies have become members of the Chinese trading platform. The trading platform will be officially started on May 8.
China is the world's largest iron ore importer, with its import volume accounting for 60 percent of the global iron ore trade. While China's iron ore imports reached 686 million mt in 2011, up 68 percent, domestic iron ore production increased by 27.2 percent, both compared to the previous year.