On August 2, Zhang Changfu, the vice chairman of the China Iron and Steel Association (CISA), announced that the CISA's China iron ore price index will have its trial run in August and will be officially inaugurated in October. The China iron ore price index will be published on a weekly basis.
The CISA's China iron ore price index will consist of a domestic iron ore price index and an imported iron ore price index. The domestic iron ore price index will be based on the iron ore concentrate prices of 14 provinces and 32 mines, while the imported iron ore price index will be based on the data released by CISA and five mineral producers in the CISA and will take into account imported iron ore prices at eight domestic ports in China.