On March 20, 2012, Fortescue Metals Group Ltd (FMG) signs Market Access Agreement with China International Mining Exchange (CBMX) and becomes a sponsor member of China Iron Ore Spot Trading Platform (the Platform).
Wang Xiaoqi, vice chairman of China Iron & Steel Association (CISA), Wang Chunsheng, deputy secretary general of CISA, Xu Xu, chairman of China Chamber of Commerce of Metals Minerals & Chemicals Importers & Exporters (CCCMC), Liu Yinan, vice chairman of CCCMC, Dr Geoff Raby, non-executive director of FMG’s board and Australia’s previous ambassador to China, Zhuang Binjun, group manager business development of FMG, Simon Huo, chief representative of FMG in China, Dai Jianqiu, deputy chief representative of FMG, Xiong Yan, chairman of CBEX and Wu Ruchuan, chairman of CBMX attended the signing ceremony.
David Liu (Liu Xiaodong), head of sales and marketing of FMG and Dong Chaobin, president of CBMX, signed the agreement.
The Platform was jointly launched by CISA, CCCMC and CBMX on January 16, 2012. The Platform aims to fully play the role of market price discovery mechanism, reduce price volatility caused by malicious speculation, enhance the formation of the equal, impartial and reasonably transparent international mining products pricing mechanism, and promote the healthy, orderly and stable development of the iron ore market. The Platform is facing the world and welcomes domestic and foreign steel mills, iron ore producers and traders to join in the business and cooperation through the platform.