China is likely to launch its own iron ore futures before the end of this year, officials with Dalian Commodity Exchange (DCE) said Wednesday.
The futures trading has been proposed by DCE as part of the efforts to help domestic companies handle price volatility in global market.
DCE has submitted the plan to the China Securities Regulatory Commission for review while the China Iron and Steel Association has agreed with the proposed futures launch.
The exchange is soliciting opinions on a draft of futures contracts from various departments and industrial associations, said Chen Wei, a DCE official.
The world's largest iron ore importer, China imported 384.29 million tonnes of iron ore in the first half of 2013, up 5.1 percent from a year ago, statistics from the General Administration of Customs show.
Chinese iron ore imports from Australia and Brazil accounted for 50.06 percent and 18.33 percent, respectively, during the January-June period.
China to relaunch govt bond futures
2013-07-04Two gold-backed ETFs launched in Shanghai
2013-07-30Imported iron ore stockpiles decline
2013-07-24Iron ore miners face lackluster demand
2013-07-16Imported iron ore stockpiles rise
2013-07-10Copyright ©1999-2018
Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.