BEIJING – China Iron & Steel Association (CISA), the country’s steel lobby, has completed the draft of an iron ore index and expects its publication soon, a move that analysts said will more accurately reflect the Chinese market situation.
Li Xinchuang, vice-secretary general of CISA, told China Daily that the draft awaits approval and will be discussed at the association’s annual meeting on Thursday.
Platts, the Metal Bulletin and the Steel Index are currently publishing iron ore indices, based on the spot market. The price index released by Platts is widely used by the three major global iron ore producers – Vale SA, Rio Tinto Group and BHP Billiton Ltd.
