Yesterday, China Iron Ore Spot Trading Platform, which has been trial-run for more than one month, officially launched an entity transaction, and the transaction volume of the three transactions reached 242,000 tons. Experts said that the operation of the platform must be observed at least for more than a month.
Long-term observation of operation effect
According to the information provided by the Beijing International Mining Rights Exchange, the first day of the spot platform trading completed 3 transactions. The first one was the vale65 of the port spot, which totaled 20,000 tons. The transaction price was RMB 1080 per ton and the total price was 21.6 million yuan. The second transaction is 165,000 tons of PB powder in transit, the transaction price is 145 US dollars per ton, the total price is 23.925 million US dollars; the third transaction volume is 57,000 tons, the transaction price is 102 US dollars per ton, the total price It is $5.814 million. The North Mine did not disclose the buyers and sellers of the three transactions.
The industry believes that the trading platform should reach 100 million tons of trading volume per year (that is, 20% of the import volume), in order to make a weighty voice on the pricing, which is exactly what the platform organizer expressed. However, if calculated on the first day of trading, there are still many gaps in this figure.
Zhang Jiabin, director of the China Iron and Steel Network's iron ore channel, told the reporter, "Everyone is concerned about the volume of transactions, but it is not meaningful to stare at the trading volume on the first day. The volume of the three transactions on the first day is still OK, but to infer one. The effect of the year is too large, at least after a long period of observation of one or two months to preliminarily infer the operation of the platform."
Some steel companies hope that more iron ore manufacturers can join this platform. Angang Steel Trade Department said that if the platform develops better, 30% of Angang's current trade volume will be carried out on the platform.
The parties still have a wait-and-see attitude
China's iron ore platform is considered to be an important platform for the Chinese steel industry to promote the formation of a fair and transparent international iron ore price formation mechanism and compete for market discourse power. The platform was pushed by the Beijing International Mining Rights Exchange, the China Iron and Steel Association, and the Minmetals Chamber of Commerce. The trial operation began on March 29.
Previously, the four major international mines worried that they would not join the platform have become their founding members. At present, there are 138 members on the platform, including more than 60 ore producers and over 20 mines from overseas.
The reporter learned that the current wait-and-see, temptation and expectation of its growth is still the main mentality of all parties. "Be optimistic but have to look again" has become the most used word in the industry.
Although it has already entered the market, the international four major iron ore supply giants have no way to put a certain amount on this platform. FMG said that due to the rapid expansion of FMG ore production capacity, it needs multiple channels for sales. Vale believes that the previous long-term agreement is still the main means of sales, because the spot may not create much profit. The industry believes that the fate of China's iron ore spot trading platform still depends on the face of the four major mines.
It is reported that China is the world's largest importer of iron ore, and iron ore trade accounts for 70% of global trade, of which more than 7 become spot trade.
　　 Can the new platform break the pricing "black box"?
Li Xinchuang, deputy secretary-general of China Steel Association, pointed out that in the past 10 years, the price of imported iron ore has risen by a total of 9.4 times, which is beyond the normal digging potential of steel mills.
Yang Siming, chairman of Nanjing Iron and Steel, said that steel mills should buy a limited mine, and they should have enjoyed a certain volume discount. However, the current agreement mine price is actually 5-9 US dollars/ton higher than the market price. He called on steel mills to buy less agreement mines.
The formulation of the agreement mine price is represented by the Platts Index compiled by the foreign institution. At the end of April this year, in the case of both steel prices and mine prices fluctuating downwards, the Platts Index rose by $1 to $148 against the trend, which was suspected of being “pull high†by the market.
Sheng Zhicheng, deputy general manager of the “Xiben Shinkansen†e-commerce company, believes: “The price of iron ore ultimately depends on the relationship between supply and demand. The spot trading platform is just a new trading channel, it is more transparent, credible, and can give the market a certain Reference, but can not control the trend."
In the view of Yang Siming and others, there will be an excess of the iron ore market in the second half of 2013, and it will be difficult for the monopolist to change the market rules under the excess conditions. At that time, both the supply and demand sides may have to explore new pricing mechanisms, and the spot trading platform is expected to play its due role.
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