Vale to trade on Chinese iron ore platform

Beijing, China's iron ore platform operator confirmed Tuesday that Brazil's Vale is now a member of the trading service, which is China's first physical iron ore trading platform. The platform is aimed at providing more transparency to the iron ore spot market. China Beijing International Mining Exchange (CBMX) operates the platform, on which other miners such as Rio Tinto and Fortescue Metals have already joined. CBMX will begin operations on May 8, by which time BHP Billiton is anticipated to join as well.