Cisa starts publishing daily iron ore index

China Iron & Steel Assn (Cisa) has begun publishing its iron ore index on its website on a daily basis in the new year.

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The index, which was previously put up every week, tracks both domestic and imported iron ore prices.

The index stood at 453.37 on Thursday January 2, up 1.13% from that on Tuesday December 31, according to Cisa’s release on Thursday January 2.

Cisa’s index is a composite of both domestic and imported iron ore prices.

The association does not release its methodology for the calculation of the index. But it said in its release that its index for April 1994 was 100.

Cisa aims to better reflect the spot market for the steelmaking raw material with the index’s shift from weekly to daily, market participants said.

Currently, the most frequently used indices for iron ore trades are those published by Metal Bulletin, Platts and The Steel Index.

Cisa first launched its weekly iron ore indices in October 2011.