Thu, 2 Jan 07:28:00 GMT
SHANGHAI, Jan 2 (Reuters) - China has launched a daily iron ore price index from this year, the China Iron & Steel Association (CISA) said on Thursday, as Beijing wants to have a bigger say in pricing the steel-making raw material.
The move is part of China's latest effort to shift pricing benchmarks for commodities from West to East as it has launched a series of futures contracts from iron ore to eggs.
The indices will be published on CISA's website and reflect both domestic and imported iron ore prices, it said. (http://www.chinaisa.org.cn/gxportal/DispatchAction.do?efFormEname=ECTM40&key=VzQMMwliVjcLaldgUDcBYAJmUjICZldgX2QGPgNiATALGFsUDRYENAARAUYHEA1v)
China launched the world's first physical delivery-backed iron ore futures in October 2013, providing domestic buyers more hedging tools.
Miners and steel mills currently use daily index prices from providers such as Platts, the Steel Index <.IO62-CNI=SI> and Metal Bulletin <.IO62-CNO=MB>.
(Reporting by Ruby Lian and Fayen Wong; Editing by Sunil Nair)
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