CCCMC denies CBMX trade requirements for new import licences
China Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters (CCCMC) has denied reports that new import licences hinged on trades on the Chinese iron ore trading platform.
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According to press reports, the government is said to be imposing new rules that required iron ore importers to have a trading volume of 551,115 tonnes of the steelmaking raw material on the China Beijing International Mining Exchange (CBMX) for them to be granted new licences.
“There are no such regulations,” a source at the metals and minerals department of CCCMC told Steel First.
The iron ore trading platform also denied the rumour.
“We are not aware of such rules,” the CBMX’s public relations department said.
CCCMC, China Iron & Steel Assn (Cisa) and CBMX are co-founders of the platform.
Chinese market participants said CCCMC and Cisa did push their members to conduct more trades via the platform.
CCCMC had battled along with Cisa against the move to shorter-term and index pricing.
Cisa was not available for comment.