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China iron ore price index launched in October
The China Iron Ore Price Index (hereinafter referred to as the China Index) will be officially launched in October, and the China Iron and Steel Industry Association and others jointly released this information yesterday. The industry hopes that this index will help Chinese steel companies to obtain strong iron ore price costs and information base, and enhance bargaining power. According to reports, the Chinese iron ore price index consists of “domestic iron ore price index†and “imported iron ore price indexâ€. Whether domestic or imported, it is converted into a price of 62% of iron grade, in April 1994. The price is based on the base (100 points). From October, the China Index will be released on a weekly basis, that is, the China Iron Ore Price Index will be released every week. Zhu Jimin, president of China Iron and Steel Association, said that he believes that the China Index can gain the right to speak internationally. This is because the consumption of iron ore in China is huge. On the other hand, the basis of the China Iron Ore Price Index is sufficient. The design framework is also very reasonable.†Previously, the iron ore pricing of most iron ore producers and steel mills relied on the index published by Platts. Jia Xiangyu, vice chairman of Shagang Group, said that after the introduction of the index, steel companies could gain more say in the price of ore and “pay less.†"The establishment of the China Index is conducive to guiding the formation of expected prices of iron ore at home and abroad, guiding the development of steel enterprises and reducing costs, and helping to break the monopoly of the international iron ore market giants," said Zhou Wangjun, deputy director of the price department of the National Development and Reform Commission. At the same time, he denied that the government will directly intervene in the micro-economy, saying that this is to guide and regulate market operations by establishing price information and indices.