China in iron ore trading platform launch
China, the world's biggest iron ore consumer, has launched an iron ore trading platform.
The China Iron and Steel Association (CISA) and the China Beijing International Mining Exchange launched the online trading platform on Monday.
It rivals a trading platform that major miner BHP Billiton has backed called Global Ore.
China is trying to strengthen its position to have more influence over the price of the raw material.
"Monopoly practises and price manipulations have a massive impact on current iron ore prices and have also inflicted fatal harm on Chinese steel enterprises," said Wang Xiaoqi, deputy chairman of CISA.
"We feel it is necessary to set up this platform in China because about 60-70% of our iron ore is imported and 100% of the spot market volumes are in China - putting it in China is the most rational," he added.
However, unlike its rivals, the trade in iron ore derivatives will not be allowed.
Although major Chinese steel mills and large iron ore traders have agreed to become sponsor members of the platform, so far none of the major foreign miners have signed on.