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

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

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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.