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UK-based Rio Tinto has become a member of the new China Beijing Metals Exchange (CBMX), an electronic trading platform that will provide participating members with an additional iron ore trading channel in the China market.
A signing ceremony was recently held in Singapore between senior officials of CBMX and Rio Tinto Iron Ore Asia, which markets iron ore on behalf of Rio Tinto to its Asian customers.
Rio Tinto Iron Ore Asia president Alan Smith said: “We welcome the development of CBMX as it gives us a new option for selling any available tonnes to China, over and above those already contracted. We look forward to the Exchange developing into a transparent, independent, efficient and sustainable iron ore trading platform supported by broad market participation.”
