Date: October 18, 2013
Source: Futures Daily
Iron ore futures are listed for trading at the Dalian Commodity Exchange (DCE) today. The first batch of 7 iron ore futures contracts listed is I1403, I1404, I1405, I1406, I1407, I1408 and I1409. According to the notice announced by the DCE yesterday, benchmark prices of all contracts (except I1405 contract of RMB950/ton) are RMB950/ton. Related system concerning bill of lading delivery of iron ore will be implemented since the I1405 contract in accordance with the regulations of the DCE.
It is learnt that 65% of the Brazilian fine ore in Tianjing Port, Rizhao Port and Jingtang Port was quoted between RMB1,000/ton and RMB1,015/ton. It is estimated that the benchmark price of iron ore futures will be RMB20/ton ~ RMB35/ton lower than that of 62% of fine ore (benchmark delivery products) in spot markets.