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Several brokers in Singapore told Steel First they have not seen clients ask about the contract.

“I think it’s less to do with it being the first day of trading and more to do with the fact that there is little, if any, interest in the product,” one of the brokers said.

The SGX did not respond to emails and calls for comments at the time of writing.

The exchange launched the contract in a move to retain US participants as the country tightens up its over-the-counter (OTC) trading rules.

US participants make up around 10% of the OTC iron ore market.

The contract size is for 100 tonnes, compared with 500 tonnes for iron ore swaps cleared on the exchange.