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China launches iron ore trading platform

China has launched its first iron ore physical trading platform on Monday, a move designed to strengthen its hand in iron ore pricing.

The online platform was jointly initiated by the China Beijing International Mining Exchange (CBMX), the China Iron & Steel Association (CISA) and the China Chamber of Commerce of Metals Minerals & Chemicals Importers & Exporters.

The platform consists of 26 sponsor members, including China 's five major steel mills and large iron traders.

The platform will post the prices for successful trades online without identifying buyers or sellers. The decision is intended to improve the accuracy and reliability of price statistics.

Mr Wang Xiaoqi, deputy chairman of CISA, said the platform will better reflect actual supply and demand and eliminate the effects of speculation and manipulation.