China will urge the three major mines to concentrate on the iron ore spot platform
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China's iron ore spot platform was launched in May 2012, with a monthly declaration of 18 million tons. In 2012, the total number of declarations was 1,100, with a total of 92.96 million tons, with a total turnover of 57 and a quantity of 7 million tons.
As the world's largest importer and consumer of iron ore, China imported 740 million tons of iron ore last year. The trading volume on the spot platform accounts for a small proportion of the total imports. It is envisaged that the trading platform should reach 20% of the import volume each year in order to make a weighty sound in pricing.
"We observed that the big companies on the platform had very little turnover, but the small businesses had more transactions. At the same time, like the three major foreign mines, there was almost no spot on the platform. I used to communicate with Rio Tinto. They said that Rio Tinto Part of it is the agreement price, there is no extra spot delivery."
Luo Tiejun, deputy director of the Raw Materials Department of the Ministry of Industry and Information Technology, presented at the China Steel Planning Forum today.
But the reasons for the three major mines are not recognized by Chinese officials. Luo Tiejun believes that Rio Tinto's spot bidding is quantitative, and it is obviously unreasonable to mention the spot platform. At present, the Ministry of Industry and Information Technology is discussing with the Ministry of Commerce, how to let the three major mines put resources on the spot platform in the next stage.
Analysts pointed out that the current spot selling overseas mines is accustomed to the bidding model. Frequent spot bidding is beneficial to raise the price of iron ore, making it difficult for them to adapt to the new trading model. In addition, Singapore's global iron ore spot trading platform is also in line with China's spot platform. Formed a competition.
Chen Runyun, Commercial Counsellor of the Department of Foreign Investment and Economic Cooperation of the Ministry of Commerce, believes that 70% of China's imported iron ore is from three major mines, while domestic related companies have less than 100 million tons of overseas mineral rights. The iron ore being built and ready for development is also However, it is close to 200 million tons, and it can't meet the demand of one-third of imported mines. Therefore, it is necessary to speed up the layout and obtain more equity mines.