On September 18, the Iron Ore Working Committee of the China Iron and Steel Association (CISA) organized an iron ore work conference in Beijing, analyzing the current iron ore market situation, discussing key near-term tasks, and making arrangements for the upcoming launch of the imported iron ore port spot price index by the Beijing Iron Ore Trading Center Corporation (COREX). Officials in charge of the iron ore procurement of domestic steelmakers and trading firms attended the meeting.
On September 19, COREX announced it is suspending the issuing of the spot 62 percent Fe benchmark price for iron ore fines (RMB/Qingdao) as of September 22.
According to COREX, the "Beijing Iron Ore Trading Center Spot Iron Ore Transaction Benchmark Price Generation Method" will be revised and take effect simultaneously.
Some market sources believe that this is a sign that the market has started to adjust to the more popular 61 percent Fe fines, and maybe in the future the major trade platforms will have to change specifications for the benchmark price indexes.