No deals on iron trading platform (2)

"Take Baosteel, which produces some 40 million tons of steel each year. Its daily iron ore consumption may reach 160,000 tons," said Wang from Lange. But most offers on the platform are ranging from 10,000 tons to 100,000 tons currently.

Wang from the CISA also said that it is not very likely the platform will grow into a major source for companies to buy iron ore in the short term, since the platform cannot offer enough quantity and variety.

"The platform is mainly aimed at providing more transparency in iron ore prices, and it has already played a very important role for companies to track prices," he said.

However, Hu Yanping, an analyst at industry portal custeel.com, told the Global Times Monday that without enough quantity of transactions, the platform's role in tracking iron ore prices is limited.

The platform at present has 191 members, with 81 steel producers, 103 iron ore traders and seven foreign iron ore producers, including the world's three largest major iron ore miners - BHP Billiton, Rio Tinto and Vale. A total of 5.29 million tons of iron ore has been traded on the platform since its opening in May.

The iron ore spot trading platform is sponsored by the CISA and the BIME as well as China Chamber of Commerce of Metals Minerals and Chemicals Importers and Exporters.

We recommend:
A Decade of Fastest Development	Eastern Boom Lightens Western Gloom	Chinese firms 'potential Trojan horses'? slows
AVIC unveils new aircraft engines	China's MA700 to take flight in 2016	13th Int'l Automobile Industry Exhibition
China Int'l Industry Fair opens in Shanghai	Caofeidian coal wharf put into use	Galaxy Soho building in Beijing