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China opens iron ore trading platform

(Global Times)

08:12, May 09, 2012

The China Beijing Metals Exchange, the country's first physical iron ore trading platform, opened Tuesday. The first deal was reached at a price of $145 per ton, higher than the peak price of $120 per ton seen in the market in 2011.

Like mainland stock markets, the platform is pegged with a daily price change limit of 10 percent.

China Minmetals Corp and Vale have already become members of the platform, and more companies are expected to join in the near future, according to experts.

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