Iron And Steel Industry Test Water Basis Trade

- Apr 15, 2020-

The head of the Industrial Development Department of Dashang said that the basis trading method based on iron ore futures prices has rapidly developed and applied in the procurement of raw materials in the steel industry. Large domestic steel mills and international traders have gradually adopted basis sales as daily trade. With the active promotion of large business firms, large domestic steel mills and Vale officially launched a basis trade trial, opening a new model of iron ore trade in RMB valuation and settlement, which will further enhance China’s international trade in iron ore. China’s influence will better serve the RMB internationalization strategy.

steel products