SHANGHAI Zhejiang Zhoushan Bulk Commodity Exchange is seeking to launch a spot iron ore trading platform by year-end.
The exchange has already cleared all the regulatory hurdles, with the design of the contract now under way, according to local media reports.
Iron ore imports from mainstream suppliers, including Vale SA, Rio Tinto Plc and BHP Billiton Plc, will be offered on the exchanges platform.
The exchange couldnt be reached for comment by AMM sister publication Steel First.
China Beijing International Mining Exchange has already been running a platform for iron ore.
The Zhejiang exchange, established in 2011, trades refined nickel, copper, aluminum, reinforcing bar and oil.
The exchanges electronic trading platform was launched in mid-March, with coking coal and refined nickel among the first batch of products to be traded.
"People are eager to make money out of the iron ore business. Spot, swap or futures trading platforms are all good business models that could keep risk at a minimum," an iron ore trader in Shanghai said.
A version of this article was first published by AMM sister publication Steel First.