The China Iron and Steel Association (CISA), has announced that the big three global iron ore mining giants - Brazil-based Vale and Australia's Rio Tinto and BHP Billiton - are planning to join China's iron ore spot trading platform. Earlier this week, Australian iron ore miner Fortescue Metals Group (Fortescue), the world's fourth biggest producer of iron ore, had joined the China-based iron ore trading platform which is operated by China Beijing International Mining Exchange.
China's iron ore spot trading platform was launched in January this year with the backing of the China Iron and Steel Association (CISA).
China is the world's largest iron ore importer, with its import volume accounting for 60 percent of the global iron ore trade. The participation of the biggest iron ore miners will enhance the Chinese iron ore spot trading platform's influence on prices in the raw material market.