While attending the recent 11th General Assembly of Members of the China Iron Ore Spot Trading Platform held by Beijing Iron Ore Trading Center Corporation (COREX) at Hangzhou, Zhejiang Province, Luo Tiejun, vice president of China Iron and Steel Association (CISA), called on all parties in the industry chain to deepen cooperation and pursue coordinated development, jointly advancing the sector’s high-quality and healthy development.
Mr. Luo stated that the Corex Iron Ore Portside Index is formed based on actual port spot transactions and should serve as a core reference for pricing. He urged market players to actively take part in activities further improving the Iron Ore Portside Index, for instance, China Mineral Resources Group should include the Corex index as one of the pricing options in its annual-contract negotiations with the four big global miners. Meanwhile, COREX should broaden its data coverage by collecting transaction data for iron ore of more varied grades, laying the groundwork for a richer index system. In addition, he encouraged trading and steel companies to adopt the Corex Iron Ore Portside Index for pricing in ore transactions, promptly reporting concluded prices to build an uninterrupted, complete transaction-data chain.
