FMG joins China Iron Ore Spot Trading Platform

On March 20th, Fortescue Metals Group Ltd, the world's fourth largest mine, officially joined the Chinese iron ore spot trading platform and became the first overseas mine to join the trading platform. It is worth mentioning that the Beijing International Mining Rights Exchange (hereinafter referred to as: North Mines) said that the FMG's participation did not attach any "special" conditions of outside speculation. It is reported that China's iron ore spot trading platform was jointly launched by China Iron and Steel Industry Association, China Minmetals Chemicals Import and Export Chamber of Commerce, and Beijing International Mining Rights Exchange on January 16 this year. This time, FMG became the first overseas mine to join the platform. On March 20th, FMG and North Mines held a signing ceremony for the market entry agreement. FMG officially became a member of the China Iron Ore Spot Trading Platform. Corresponding to the China Iron Ore Spot Trading Platform, BHP Billiton, one of the three major mines, launched the Global Iron Ore Spot Trading Platform (Globe ORE) in Singapore. At present, people in the industry are describing the relationship between the two platforms in the "competition battle." It is reported that China's steel enterprises have not yet joined the global iron ore spot trading platform. The addition of FMG marks the first time that the China Iron Ore Spot Trading Platform has been “affirmed” by overseas mines since its launch. For the FMG “should” to join the spot trading platform, some market participants speculated that the addition of FMG may be subject to “special” conditions. Ma Zhipeng, deputy general manager of the North Mining Development Research Department, said that the FMG's participation did not attach any "special" conditions of outside speculation. At present, the North Mine has maintained contact with many overseas mines and is actively promoting the participation of domestic and foreign steel producers, iron ore producers and traders. “Whether it is traded in Singapore or traded in the North Mine, most of them are used by Chinese steel companies. Why do you want to go farther and go to Singapore?” Zhang Tieshan, an analyst at “My Steel Network”, believes that not only China’s iron ore spot trading platform Need to join FMG, FMG also has the initiative to join the Chinese iron ore spot trading platform for the expansion of sales channels. He also said that as the third largest mine in Australia and the fourth largest mine in the world, the addition of FMG may bring demonstration effects to other overseas mines, attracting more overseas mines to join the Chinese iron ore spot trading platform. According to the North Mine, the platform aims to give full play to the role of market price discovery, reduce the sharp fluctuations in iron ore prices caused by artificial malicious speculation, promote the formation of a fair and transparent international bulk product price formation mechanism, and promote the iron ore market. Healthy, orderly and stable development. It is worth noting that FMG's current production ranks fourth in the global mines, but in recent years it has repeatedly proposed to expand production capacity and output. It is reported that FMG has previously proposed a target of 350 million tons in 2020, which is consistent with the goal of BHP Billiton, the “third place” of the three major mines.

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