China launched its own iron ore trading platform in January this year. [File photo]
Australian miner Fortescue Metals Group Ltd. (FMG) Tuesday joined China's iron ore trading platform, the National Business Daily reported.
FMG is the first foreign iron ore miner to join the platform, which was launched in an effort to gather domestic steel makers so as to strengthen their pricing power over the raw material long dominated by giant foreign suppliers.
The platform was launched in January this year by the China Iron & Steel Association (CISA), the China Chamber of Commerce of Metals Minerals & Chemicals Importers & Exporters and the China Beijing International Mining Exchange (CBMX).
To date, 13 steelmakers and 13 steel trading companies in China have joined the platform.
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