Since iron ore entered the index pricing, the controversial benchmark price formation mechanism is expected to improve. Platts, one of the most influential information providers in the global iron ore market, announced that it will launch the eWindow electronic platform in January 2013 to make the iron ore market price more transparent.
Platts made the above statement at the seminar on steel and raw fuel hosted by Sept. 20.
According to Calvin Lee, Platts Asia's Valuation and Analysis Department Manager, the new system will provide an electronic platform for steel mills, traders and miners. All parties can request and quote in the system until a deal is reached. Can publish transaction information outside the system. Platts will aggregate system information for the formation of iron ore assessment prices.
In order to ensure the authenticity, accuracy and reliability of transactions, Platts stated that all information released on the system platform must disclose real information such as parties, products, and prices. Enterprises joining the platform do not need to pay membership fees or transaction fees, but they need to pass the qualification review and the published information must meet the Platts existing valuation system requirements.
The Platts eWindow system was authorized by the Intercontinental Exchange (ICE) and was first launched on July 6, 2007, and was used in the Asian crude oil market. Up to now, the system has covered all types of crude oil and refined oil, and has also expanded into the European and American markets.
Jorge Montepeque, who has had more than 20 years of experience in the oil industry and commodity prices, is leading a group of Platts experts to lobby for the promotion of this new electronic platform to Chinese steel mills and traders. As the global director of the Platts Market Report, he believes that now is the best time to transform the iron ore price formation mechanism from the intermediate stage to the advanced stage.
Prior to this, Platts editors collected information from market participants on a daily basis via telephone or web instant messaging tools, and after standardization reached the Platts iron ore evaluation price for the day. This valuation is used as a benchmark price and is widely used in the settlement of global iron ore seaborne trade.
Despite this, Platts iron ore price assessment has not satisfied buyers and sellers. Chinese steel mills questioned the benchmark price, and believe that merely relying on telephone interviews and the anonymous form of information release, it is difficult to represent the iron ore spot market price trend, and the sample space and transparency need to be improved. The foreign miners also believe that the price formation mechanism needs to be adjusted according to the actual situation.
Jorge Montepeque firmly believes that with Platts experience in the oil field, the new system can help make the iron ore current market price more transparent, in order to truly reflect the market transactions.
But Platts also has concerns about the attempt. Keith Tan, chief editor of the company's steel materials, frankly stated that the iron ore spot market has long been in an opaque state, and market players may feel uncomfortable with the way publicly traded.
A domestic ore purchaser told the Caijing reporter that domestic miners and steel mills are in conflict with real-name transactions. It is difficult to say whether this electronic platform used in the oil field can be copied to the iron ore business.
Platts made the above statement at the seminar on steel and raw fuel hosted by Sept. 20.
According to Calvin Lee, Platts Asia's Valuation and Analysis Department Manager, the new system will provide an electronic platform for steel mills, traders and miners. All parties can request and quote in the system until a deal is reached. Can publish transaction information outside the system. Platts will aggregate system information for the formation of iron ore assessment prices.
In order to ensure the authenticity, accuracy and reliability of transactions, Platts stated that all information released on the system platform must disclose real information such as parties, products, and prices. Enterprises joining the platform do not need to pay membership fees or transaction fees, but they need to pass the qualification review and the published information must meet the Platts existing valuation system requirements.
The Platts eWindow system was authorized by the Intercontinental Exchange (ICE) and was first launched on July 6, 2007, and was used in the Asian crude oil market. Up to now, the system has covered all types of crude oil and refined oil, and has also expanded into the European and American markets.
Jorge Montepeque, who has had more than 20 years of experience in the oil industry and commodity prices, is leading a group of Platts experts to lobby for the promotion of this new electronic platform to Chinese steel mills and traders. As the global director of the Platts Market Report, he believes that now is the best time to transform the iron ore price formation mechanism from the intermediate stage to the advanced stage.
Prior to this, Platts editors collected information from market participants on a daily basis via telephone or web instant messaging tools, and after standardization reached the Platts iron ore evaluation price for the day. This valuation is used as a benchmark price and is widely used in the settlement of global iron ore seaborne trade.
Despite this, Platts iron ore price assessment has not satisfied buyers and sellers. Chinese steel mills questioned the benchmark price, and believe that merely relying on telephone interviews and the anonymous form of information release, it is difficult to represent the iron ore spot market price trend, and the sample space and transparency need to be improved. The foreign miners also believe that the price formation mechanism needs to be adjusted according to the actual situation.
Jorge Montepeque firmly believes that with Platts experience in the oil field, the new system can help make the iron ore current market price more transparent, in order to truly reflect the market transactions.
But Platts also has concerns about the attempt. Keith Tan, chief editor of the company's steel materials, frankly stated that the iron ore spot market has long been in an opaque state, and market players may feel uncomfortable with the way publicly traded.
A domestic ore purchaser told the Caijing reporter that domestic miners and steel mills are in conflict with real-name transactions. It is difficult to say whether this electronic platform used in the oil field can be copied to the iron ore business.
UVC Disinfection Portable UV Lamp
Uvc Lamp,Uv Germicidal Bulb,Uv Germicidal Lamp,Uvc Tube
Changxing leboom lighting product CO.Ltd. , https://www.leboomuvs.com