China Starts Spot Iron Ore Platform in Rizhao to Boost Trade
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China, the world’s largest iron ore buyer, started a bourse in the port city of Rizhao to facilitate trading of the steel making ingredient.
Rizhao International Iron Ore Exchange opened today with three transactions, according to a statement on its website. About 60,000 tons of Newman lump ore from the port were traded at 1,020 yuan ($166) per dry metric ton, 175,372 tons of Robe River fines in Rizhao changed hands at 815 yuan and approximately 10,000 tons of PB fines in Lanshan were purchased at 855 yuan, the bourse said.