Recently, BHP Billiton officially joined the China Iron Ore Spot Trading Platform. At this point, the international giants such as Vale and Rio Tinto, as well as many well-known domestic steel companies, have joined the Chinese iron ore spot trading platform. According to the original plan, the platform will be officially launched on May 8. Then, how will the operation of China's iron ore spot trading platform affect China's iron ore market in the future? Can it play a certain role in mitigating the current low profit situation of China's steel industry? Looking at the situation of imported iron ore market for many years, the long-term price is basically implemented before 2009, that is, the price of iron ore is priced once a year. In order to obtain high profits, the “Big Three†has raised the price of iron ore for many years. The data shows that the average landed price of imported iron ore in China in 2011 was US$163.84 per ton, up 27% year-on-year. As iron ore prices rose, Chinese companies paid $25 billion more for this year, equivalent to 1.85 times the combined profits of large and medium-sized steel companies. In addition, after 2010, the pricing mechanism of iron ore has also changed, from the long exchange price to the spot price, the cycle from the original annual pricing to quarterly pricing, monthly pricing, the past long association The price bureau is gone forever, and iron ore trading is increasingly moving towards spot trading. In 2011, China's total import of iron ore reached 686 million tons, an increase of 10.93% year-on-year, and iron ore dependence was as high as 60%. Chen Ziqi, an expert in the iron and steel industry, pointed out that "such a high degree of external dependence has led to the formation of a monopoly on iron ore prices in the three major mines, which has brought enormous cost pressures to the operation of China's steel industry. In the case of a monopolistic seller's market, The big price is 'impossible'. This year, in the environment of high international iron ore prices hovering, the sluggish market of domestic steel (4283, 1.00, 0.02%) has made China's steel industry worse. According to the China Economic and Steel Industry Climate Index, the average profit margin of the steel industry in the first quarter of 2012 was only 0.1%, and the industry was in danger of losing money in a comprehensive manner. "In this context, it is particularly important to establish our own iron ore spot trading platform. It is a positive reflection of the diversified trading channels, objectively reflecting the supply and demand of iron ore in China, and forming a transparent spot price. The launch of the platform will make China's iron ore trading system more reasonable and standardized, and will be more conducive to enhancing the international discourse power of China's steel industry and promoting the steady and healthy development of the industry." Chen Ziqi said. However, Chen Ziqi also pointed out that the launch of China's iron ore spot trading platform does not mean that we have mastered the right to speak in the international iron ore market. First of all, for international miners, because China's iron ore spot trading platform is an open platform, there is no clear issue of the amount of delivery, perhaps their participation is more of a statement, the form is more than the essence, The final amount of iron ore that can be traded on this platform is still to be observed. Secondly, for domestic steel companies, accepting this new trading method requires a time course, and it is also unknown how many transactions they are willing to perform on the platform. In addition, as China's iron ore spot trading platform is still in its infancy, many rules and details need to be further explored and improved. Therefore, there is still a long way to go before the international ore price returns to a reasonable level. However, in the medium and long term, with the improvement and promotion of China's iron ore spot trading platform, more iron ore traders will join the Chinese iron ore trading platform in the future, and the increase in spot trading platform participants will make China Iron ore spot trading has gradually grown into a more mature trading market. In addition, the future iron ore trade is increasingly financial, we need to prepare for the rain. Therefore, steel companies need to recognize the current market situation and actively promote the smooth operation of China's iron ore spot trading platform. Only by increasing the visibility and influence of the platform can iron ore trading become more open and transparent, and prices will tend to be more It is reasonable to improve the support capacity of China's iron ore resources and enhance the international discourse power of China's steel industry.
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