Yang Zhiqiang, deputy secretary general of Beijing Municipal People's Government, Luo Tiejun, deputy director general of the Department of Raw Material Industry of the Ministry of Industry and Information Technology, Wang Xiaoqi, vice chairperson of CISA, Xu Xu, chairperson of CCCMC, and Huo Xuewen, secretary of the Party Leadership Group of Beijing Municipal Bureau of Finance, jointly launched the platform.

China is now largest iron ore importer, accounting for 60% of the global market in the world. Meanwhile, it is also the world's biggest iron ore spot trading market. In order to answer the calls of president Hu Jintao at the sixth summit of the G20 –“we should promote the formation of a more transparent and reasonable commodity pricing and regulatory mechanisms to achieve and maintain large-scale commodity prices reasonable and stable.” And to implement the requirements in “12th 5-Year Plan of Steel and Iron Industry”—“Strengthen the construction of the security system of iron ore resources and support, and optimize the global allocation of the iron ore resources, and keep the domestic iron ore market in order.” With the support of relevant departments, China Iron Ore Spot Trading Platform will give full play to the function of “market-set prices”, and form a credible iron ore pricing mechanism, reduce sharp fluctuation in iron ore price caused by malicious speculation, and promote forming a price mechanism of a fair and transparent international bulk minerals, and boost a healthy, orderly, stable development of iron ore market.

CISA is a national organization of the Chinese iron and steel industry, while CCCMC has gathered the largest and most representative enterprises engaged in the industry and CBMX serves as a public trading service platform established under the approval of the Beijing government. Through consultation, the three parties decided to establish the platform for the spot trading of iron ores in China based on CBMX. As an independent and public platform operated by a third party, the platform will provide users with standardized and transparent services for the spot trading of iron ores. For the purpose of maintaining a sound order of the iron ore market, it will follow four principles including: first, abiding by relevant laws and regulations of China and opening to the supervision of related departments; second, insisting on independent, standardized and market-based operation, establishing integrated and standardized corporate governance structure and adopting manager responsibility system under the leadership of the board of directors; third, insisting on spot trading, that's to say, the platform will be only engaged in business related to iron ore spot trading and will not develop any business related to futures, swap or other financial derivatives; fourth, welcoming domestic and foreign iron and steel manufacturers, iron ore manufacturers and traders to join in the business and cooperation through the platform.