(Ecns.cn) -- BHP Billiton, the world's third largest iron ore miner, will sign a contract making it a member of the China Beijing International Mining Exchange (CMBX) on April 19, according to reports citing information from the CBMX on Wednesday.
BHP becoming a member of the CBMX means it joins Vale and Rio Tinto in the world's triumvirate of mining giants, and all are members of the mining exchange platform, according to the reports.
Australia's largest ore producer, Rio Tinto, signed up last month, while Brazilian miner Vale signed the agreement in the port city of Qingdao on April 17.
CBMX will officially open for business in May, backed by major Chinese steel mills and traders, a move that will enhance China's power in price negotiations. China is the world's largest iron ore importer and Vale, Rio and BHP control the bulk of the world's seaborne iron ore trade.
Two years ago the duo broke with their decades-old custom of annual iron ore pricing, following Chinese opposition. Vale exported 130 million tons to China last year, about one-fifth of China's total iron ore imports.
Fortescue Metals Group Ltd, Australia's third-largest iron ore exporter, became the first foreign member of CBMX.
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