On April 17, 2012, Brazil’s Vale and China Beijing International Mining Exchange (hereinafter referred to as "CBMX") held a market access agreement signing ceremony in Qingdao, which officially makes Brazil’s Vale a sponsor member of China Iron Ore Spot Trading Platform.
Wang Xiaoqi, vice chairperson of China Iron & Steel Association, Xu Xu, chairperson of China Chamber of Commerce of Metals Minerals & Chemicals Importers & Exporters, director of Ministry of Mines Liu Zhiyang, global sales director of Brazil’s Vale Mr. Zhu Kai, global marketing director of Brazil’s Vale Mr.Claudio, President of Brazil’s Vale (China) Mr. Luiz Mariz, Dong Chaobin, the president of CBMX and Liang Ruodong the vice president of CBMX, attended the ceremony.
Global sales director of Brazil’s Vale Mr. Zhu Kai and CBMX’s president Dong Chaobin signed the contract representing the two sides.
China Iron Ore Spot Trading Platform was launched under the joint sponsorship of China Iron & Steel Association (CISA), China Chamber of Commerce of Metals Minerals & Chemicals Importers & Exporters (CCCMC) and CBMX on January 16, 2012. As of now the platform has entered its testing phase. As an independent and public platform operated by a third party, the platform will provide users with standardized and transparent services for iron ore spot trading. The platform will eventually be able to fully utilize the benefits of the iron ore market, objectively and genuinely reflecting supply and demand relationship and creating a fair, just, and transparent international iron ore pricing mechanism, thereby promoting the healthy, regular, and stable development of the iron ore market. China Iron Ore Spot Trading Platform thus welcomes international and China domestic members of mines, steel mills and traders to join in and cooperate.