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Dalian Iron Ore Futures Debut as China Seeks Pricing Power

Iron ore futures for physical delivery debut on the Dalian Commodity Exchange today as China takes greater control of price setting in the biggest seaborne commodity trade after oil.

The contract for delivery in May, the most active by volume with 300,818 lots, closed at 977 yuan ($160) a metric ton, after opening at the bourse-set price of 950 yuan. The exchange, the nation’s third-largest by volume of futures, will use stockpiles of the steel-making feedstock at shipping terminals including Tianjin and Qingdao, as well as material held at some mills.