CISA IRON ORE CONF: CBMX to start electronic bidding in October

China Beijing International Mining Exchange (CBMX) will offer electronic bidding from October.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

It will allow members to put a cargo on the platform without an offer price, and prospective buyers will then bid for it. The highest bid at the close will clinch the cargo.

“At the same time, we will launch a daily benchmark price as a way to complement China’s iron ore index,” CBMX president Dong Chaobin said at the12th China International Steel and Raw Materials conference in Dalian on Friday September 28.

“We also would like to publish our own index in the near future,” a senior analyst of CBMX told Steel First.

CBMX now has a total of 142 members, and 40 of them are overseas companies, Dong said.

About 4.87 million tonnes of iron ore have been traded on the platform since it was officially launched on May 8 2012.

What to read next
Fastmarkets invited feedback from the industry on the pricing methodology for cobalt hydroxide, min 30% Co, inferred, China, $lb, via an open consultation process between May 4 and June 1, 2023. This consultation was done as part of our published annual methodology review process.
Fastmarkets will discontinue its consumer buying price assessments for machine shop turnings in the Cleveland and Pittsburgh markets effective Tuesday June 6.
Fastmarkets has decided to proceed with the launch of a new European low carbon ferro-chrome price covering material with lower chrome content.
Fastmarkets invites feedback on a proposal to increase the publication frequency of non-exchange-deliverable equivalent-grade (EQ) copper cathode premium, cif Shanghai, from once every two weeks to once every week.
The outlook for North American steel scrap prices has headed further into bearish territory ahead of June’s trade, with prices for all grades expected to fall again after a round of across-the-board decreases in May
Fastmarkets is inviting feedback on a change of publishing time for our ferro-chrome price in the Chinese domestic market as well as ferro-chrome import prices in Japan and South Korea, to 5-6pm Shanghai time from 2-3pm London time.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed