On May 9th, just on the second day of the market opening, there was a “zero transaction†in the Chinese iron ore spot trading platform. However, just the day before, the oligopolistic world's first iron ore spot trading platform just opened its doors. In addition to the four major international mines to become members, the platform currently has 138 members, and domestic steel giants have all joined. On this day, steel companies did give a force, the total transaction volume reached 242,000 tons, and the transaction price per ton was also lower than last year by more than 20 US dollars. This gives the Chinese a feeling that it seems that the price of China's iron ore spot trading platform is replacing the Platts index and it is not far from being an important basis for price negotiations between Chinese steel mills and overseas miners. However, after the smashing, the rest of the day after the market opened, everything returned to calm. According to the information provided by the Beijing International Mining Rights Exchange, the day was “zero transaction†and the reporting information was only 9. On May 10, although the transaction recovered, it was still lower than the 245,000 tons on the first day, which was 172,800 tons. “From the perspective of the whole industry, the production capacity of the steel industry has been released, and the output has rebounded sharply. The China Iron and Steel Association estimates that the daily output of crude steel in the country will reach 2.0258 million tons in April, an increase of 2% from the previous month, setting a record high. Therefore, major steel enterprises need raw materials. He Rongliang, an analyst at the China Merchants Productivity Promotion Center, said in an interview. As for the reason of "zero transaction", He Rongliang said that it may be due to business operations. Because iron ore is a block trade, a tens of thousands of tons, or even more than ten thousand tons. "If you only use one day's transaction amount to measure a platform, the time is a bit too short." But the problem that cannot be ignored is that several major steel companies in China seem to be not too cold on the platform and are on a wait-and-see attitude. An insider of the industry's boss Baosteel Co., Ltd. revealed to the media that since Baosteel has already participated in it, it will definitely support this platform, but the timing of the specific transaction is still uncertain. An industry insider analyzed that since the “one-on-one†iron ore trade habits between companies have already been formed, once the “transparent†transaction to the platform may be uncomfortable at the beginning, it will cost a small “transaction service feeâ€. "This is probably the attitude of the steel mills and traders who are already meager. It is reported that the current China Iron Ore Spot Trading Platform members are required to pay an annual fee of 30,000 US dollars or 5,000 US dollars. In the course of the transaction, the transaction fee will be charged at the amount of 0.125 US dollars / ton. According to the calculation of 10 million tons of sales through the platform of the big mine in one year, the transaction fee will only be paid for 1.25 million US dollars. "High transaction costs may become an obstacle to some of the corporate resources that are willing to trade on the platform," an analyst at China Steel's spot network raw materials said in an interview. "If you really want this platform to become a bargaining chip for Chinese steel mills and overseas miners, and to increase the price of iron ore prices, you must make the actual trading volume on the platform large enough and the price is quite attractive." Zhang Lin, an analyst at Lange Steel Research Center, said in an interview that Angang decided to put 30% of its raw materials on this platform. If other steel mills do the same, the influence of the platform will undoubtedly soar. By then, major steel mills can negotiate with the mine at the price on the platform. Therefore, the setting of platform game rules needs to be further improved. Liu Yongchang, deputy secretary-general of the Metallurgical Chamber of Commerce of the National Federation of Industry and Commerce and former director of the Iron and Steel Department of the Ministry of Metallurgy, said in an interview that the Chinese iron ore spot trading platform is more about the relationship between supply and demand and cannot fundamentally solve the iron ore price. The question of the right to speak. While developing the trading platform, China must break the monopoly, allow more private capital to enter the mining field, allow qualified enterprises to mine domestic mines, and allow private capital to invest in overseas mines.
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