Recently, China's iron ore spot trading platform co-sponsored by the China Iron and Steel Association, China Chamber of Commerce for the Import and Export of China's Minmetals and Chemicals, and the Beijing International Mining Rights Exchange began trial operation. The world’s fourth-largest mine, Australia’s FMG, took the lead in signing the contract as the first platform. The foreign miners, then the world’s three largest iron ore giants have signed a memorandum with the Chinese iron ore spot trading platform. Rio Tinto also announced that it will join the iron ore spot platform.
Does not mean that China is the largest iron ore importer in the world, accounting for 60% of the global trade market share. The China Iron and Steel Association and other units jointly initiated the establishment of a Chinese iron ore spot trading platform aimed at playing the role of price discovery by the market, reducing the volatility of iron ore prices caused by man-made malicious speculation, and promoting the formation of a fair, just and transparent international The bulk mineral product pricing mechanism was interpreted by the industry as China's move to compete for iron ore pricing power again.
At present, Baosteel, Angang, Wuhan Iron and Steel, Shougang, Hebei Iron and Steel and other iron and steel companies and China National Minerals Co., Ltd., China Steel Group, Sinochem International, CITIC Metal, China Building Materials and other iron ore trading companies have agreed to as China's iron ore spot trading Platform initiated members.
For the efforts of China Steel Association and other sponsors, the industry has expressed its affirmation and established a spot trading platform. Buyers and sellers will become the main body of the platform. Not only can it bring benefits such as increasing iron ore supply channels, reducing opaque links in iron ore trade, and reducing costs and increasing efficiency in import transactions.
However, there is still a certain distance between establishing this spot trading platform and grasping the iron ore market dominance. First of all, for the international mining giants, although Vale and Rio Tinto have a stronger willingness to join the spot platform, this platform is also a sales channel for them, and what proportion of iron ore they will eventually have. Stone trading on this platform is not known.
For the majority of domestic steel companies, whether or not to trade through this platform and how much iron ore to pay through this platform is unknown. According to industry insiders, for large steel companies, their purchases are huge, and they can certainly obtain better prices in dealings with the three major miners. Therefore, whether or not to trade on this platform depends on the price of the platform and price negotiation. It is low.
“Furthermore, for many steel companies, it takes time to accept this new transaction method.†An analyst from My Steel Research Center, Ni Kuang, said, “This trading platform is cumbersome in operation and needs to increase the freeze margin and settlement. For many steel companies who are accustomed to traditional trading, they need a process of adaptation and acceptance.I recently learned about their views on this platform from many steel companies, but many companies still do not understand this platform yet. ."
"The launch of this platform is a useful exploration, but it is still far from the pricing power, and it will develop in the direction of financialization in the future. Ultimately, it still depends on the balance between supply and demand in the spot and the control of the supply and demand sides." Ni Kuang said.
Does not mean that China is the largest iron ore importer in the world, accounting for 60% of the global trade market share. The China Iron and Steel Association and other units jointly initiated the establishment of a Chinese iron ore spot trading platform aimed at playing the role of price discovery by the market, reducing the volatility of iron ore prices caused by man-made malicious speculation, and promoting the formation of a fair, just and transparent international The bulk mineral product pricing mechanism was interpreted by the industry as China's move to compete for iron ore pricing power again.
At present, Baosteel, Angang, Wuhan Iron and Steel, Shougang, Hebei Iron and Steel and other iron and steel companies and China National Minerals Co., Ltd., China Steel Group, Sinochem International, CITIC Metal, China Building Materials and other iron ore trading companies have agreed to as China's iron ore spot trading Platform initiated members.
For the efforts of China Steel Association and other sponsors, the industry has expressed its affirmation and established a spot trading platform. Buyers and sellers will become the main body of the platform. Not only can it bring benefits such as increasing iron ore supply channels, reducing opaque links in iron ore trade, and reducing costs and increasing efficiency in import transactions.
However, there is still a certain distance between establishing this spot trading platform and grasping the iron ore market dominance. First of all, for the international mining giants, although Vale and Rio Tinto have a stronger willingness to join the spot platform, this platform is also a sales channel for them, and what proportion of iron ore they will eventually have. Stone trading on this platform is not known.
For the majority of domestic steel companies, whether or not to trade through this platform and how much iron ore to pay through this platform is unknown. According to industry insiders, for large steel companies, their purchases are huge, and they can certainly obtain better prices in dealings with the three major miners. Therefore, whether or not to trade on this platform depends on the price of the platform and price negotiation. It is low.
“Furthermore, for many steel companies, it takes time to accept this new transaction method.†An analyst from My Steel Research Center, Ni Kuang, said, “This trading platform is cumbersome in operation and needs to increase the freeze margin and settlement. For many steel companies who are accustomed to traditional trading, they need a process of adaptation and acceptance.I recently learned about their views on this platform from many steel companies, but many companies still do not understand this platform yet. ."
"The launch of this platform is a useful exploration, but it is still far from the pricing power, and it will develop in the direction of financialization in the future. Ultimately, it still depends on the balance between supply and demand in the spot and the control of the supply and demand sides." Ni Kuang said.
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