China's Tianjin-based Bohai Commodity Exchange (BOCE) has stated that it has decided to launch an iron ore spot trading platform in early November this year and that it expects to establish a new pricing system of iron ore.
The Bohai Commodity Exchange, as the unique comprehensive exchange of spot trade in China, began operations in December 2009. It currently lists more than 30 commodities from petrochemical industry, metal and energy industry and agricultural and forest products.
As SteelOrbis reported early this week, Dalian Commodity Exchange (DCE), one of the four futures exchanges in mainland China, has announced that it will launch trading of iron ore futures on October 18.