June 22, HBIS launches its Online Iron Ore Supermarket together with its COREX partner. This is an important step building an open, fair and transparent pricing mechanism and making it a healthy and win-win market.
Chinese iron ore market accounts 70% of the world’s total seaborne iron ore output. Already, Chinese Yuan iron ore transactions in spot market have exceeded US dollar transactions. Iron ore, one of major materials in steel industry, the fluctuation of iron ore has tremendous impacts on the costs and profits of steel enterprises. The current iron ore pricing mechanism is problematic and leaving the prices far from the fair value. It is painful for the whole steel industry.
The jointly development supermarket is dedicated to provide a third party transaction center for the market and put HBIS iron ore resources online. Taking full advantages of HBIS and COREX resources, the system will explore a new pricing mechanism for iron ore businesses.
HBIS Iron Ore Supermarket will provide value added services to its registered clients including risk shielding, financing, supervision and logistic services. The market will attract more client to the flatform and generate a brand new price references. In the supermarket, miners could find more clients, steel mills could see more offers and traders could grasp more opportunities in all transactions.