SMX iron ore futures trading hits 1.10 million mt in Sept

The iron ore futures contract transaction volume via the Singapore Mercantile Exchange (SMX) reached 1.10 million mt in September this year, the SMX has reported.
 
The SMX stated that its iron ore futures contract has attracted a great number of major spot market and financial market players since the start of its operations in August, as well as attracting the largest iron ore trading market, namely, China. The contract will consolidate the position of Singapore as an iron ore trading hub, the SMX stated.
 
In value terms, the SMX iron ore futures trading in September reached a total of $202.9 million in turnover. The average daily turnover was $9.2 million.