After the official operation of China's iron ore spot trading platform for half a month, Singapore's globalORE (global iron ore spot trading platform) ushered in the participation of Chinese steel companies. According to the globalORE website, Baosteel, Valin and Minmetals have become the founding shareholders of the platform. Looking at the operation of China's iron ore spot trading platform, since the market opened on May 8, only 7 transactions have been completed, with a total turnover of 856,500 tons. In response to the zero transaction phenomenon that occurred in recent trading days, Dong Chaobin, president of the North Mines Institute, pointed out that the current volume and volume of declarations are basically in line with expectations. China's iron ore spot trading platform and GlobalORE have their own advantages. The two platforms will develop mutually beneficial and win-win cooperation for differentiated services, and will also compete on services. The platform is operating in line with expectations. According to globalORE, Baosteel, BHP Billiton, Glencore, Valin, Minmetals, Rio Tinto and Vale have become global equity sponsors. GlobalORE CEO Louis Fel said the platform is expected to start next week. The official launch of globalORE means more potential competition and cooperation opportunities for the just-started Chinese iron ore spot trading platform. It is understood that China's iron ore spot trading platform has been running smoothly since its opening on May 8. As of May 23, the total number of applications for the platform was 137, and the total number of applications was 106.07 million tons, of which 48 were for purchase, 4,997,200 for purchases, 89 for sale, and 5,163,500 for sale. There were 7 transactions, the total transaction volume was 856,500 tons, the US dollar turnover was 114 million US dollars, and the RMB turnover was 21.6 million yuan. In response to the recent sluggish platform trading, Dong Chaobin said frankly, "China's iron ore spot trading platform is running for half a month. The current volume and volume of declarations are basically in line with our expectations for the initial operation of the platform. There are several trading days with zeros. The transaction is a normal phenomenon at the beginning of the platform operation.†“Iron ore trading is a commodity transaction. You should not only pay attention to the number of transactions, but also the volume of transactions and the transaction amount.†Dong Chaobin said that in iron ore trading Among them, the number of single transactions is large, and the transaction amount is high, so there is not a large number of transactions as in the case of general commodity transactions. At present, in the 7 transactions of the platform, there are 5 transactions with a volume of more than 100,000 tons, of which 4 transactions each volume exceeds 160,000 tons, and each transaction amount exceeds 20 million US dollars. Insiders pointed out that the macroeconomic situation and the weakening of the steel and iron ore market will affect the trading hot spot of the iron ore spot platform. At present, the inventory of iron ore in China's ports is close to 100 million tons, while the downstream is affected by factors such as the national real estate regulation and control policies. The steel market prices continue to fall, resulting in low demand, which will reduce the consumption of iron ore. “China's iron ore trading platform as a new trading model requires a certain market incubation period and adaptation process.†Dong Chaobin bluntly said that the number of member companies has reached 157, basically covering the main players in the iron ore market, so also The volume of the short-term half-month cannot be used as the basis for judging the success of the platform. Dong Chaobin also said that there are currently 34 types of platform trading, and will increase trading varieties in the future, especially to increase the spot varieties of small and medium-sized mines and non-mainstream mines. The North Mine Institute will set specific standards for customs clearance, quality inspection and impurities of related varieties. The trading rules still need to be improved. Currently, Singapore GlobalORE has not been officially launched. For the relationship between the two, Dong Chaobin said that China's iron ore spot trading platform and GlobalORE have their own advantages. The legal environment, management environment and market basic elements of the two platforms. There are certain differences in configuration. In the future, mutual benefit and win-win cooperation will be launched for differentiated services, and competition will also be launched on services. According to the trading rules, the Chinese iron ore spot trading platform implements the charging standard based on the transaction volume, and charges a transaction fee of 0.125 yuan or 0.02 US dollars per ton. “This charging standard is reasonable and competitive. The platform does not use profit as the primary purpose. The platform also implements a certain fee concession period for members, and the current transaction does not generate transaction fees.†Dong Chaobin said that May 8 Previously, 152 companies that applied for and passed the review have not received any fees, and the transaction involved has not received transaction service fees. Dong Chaobin said that the system design of China's iron ore spot trading platform is still improving, the most important of which is the member's credit history and credit rating. The platform will have corresponding penalties for issues such as credits, deposits, defaults, and even yin and yang orders that occur when members violate the trading rules. In the future, member credit qualification assessment will be gradually established.
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