Comdaq announces iron ore forward contracting service
Commodity exchange company Commodity Dealers Automated Quotations Network (comdaq.com) developed an iron ore forward contract service that will work along side the company's already existing Iron Ore Exchange. Comdaq officials indicated that they decided to launch the new service because of the burgeoning demand for iron ore. To increase transparency among customers and ensure that the service works smoothly, Comdaq will announce a daily price on FOB basis and compile a shipping cost index, similar to Iron Ore Exchange. Buyers and sellers will be able to negotiate future deliveries according to the time, place and quantity of the delivery. Users of the new service will also be able to buy and sell iron ore futures.