Chinese companies have started trading iron ore in the nascent derivatives market in a further sign that Beijing could be laying the ground to move away from the benchmark system of annual iron ore prices.
The iron ore swaps allow participants to hedge exposure to the physical iron ore spot market. The derivatives could gain importance if miners and Chinese steelmakers fail to reach an agreement over 2009-10 benchmark prices.
Traders and brokers told the Financial Times that up to seven Chinese trading companies were participating in the swaps market and that at least one China-based steelmaker was likely to join the market before the end of the month.
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