On May 7, China Beijing International Mining Exchange (CBMX), China's only iron ore spot trading platform, and Singapore Exchange (SGX) announced the signing of a memorandum of understanding (MoU) aimed at boosting their cooperation in the iron ore markets.
According to the MoU, the two exchanges will jointly explore areas of cooperation including product development, market development and sharing of information. The two sides will in addition explore a medium-term roadmap towards improved interaction and transfer of risk between the spot and derivatives markets.
Since it opened on May 8, 2012, a total of 13 million mt of iron ore has been traded at China Beijing International Mining Exchange. In 2012, the iron ore transaction volume at Singapore Exchange totaled 109 million mt, up 250 percent year on year.