Singapore-based GlobalORE will launch its physical iron ore trading platform Wednesday as efforts to set up a price benchmark gather momentum.
GlobalORE will operate trading windows on weekdays between 3 p.m. and 4 p.m. Singapore and China time, and its office will actively assist members who trade during this time period, the company said on its website Tuesday, without elaborating.
Members will still be able to access the platform and trade outside this time period, it added.
Baosteel Group Corp., BHP Billiton Ltd. (BHP), Glencore International Plc (0805.HK), Hunan Valin Steel Co. (000932.SZ), Minmetals, Rio Tinto Plc (RIO) and Vale S.A. (VALE) are founder shareholders of the company.
Earlier this month, China Beijing International Mining Exchange, or CBMX, launched its physical iron ore trading platform with members including Vale, BHP Billiton and Rio Tinto.
Iron ore prices in the spot market are hovering around $132 a metric ton, down 10% so far this month.
-By Sameer Mohindru, Dow Jones Newswires; +(65) 6415-4085; [email protected]