Electronic contracts gain traction in iron ore market

The digitization of the iron ore market took another step forward this week with trader Cargill completing its first e-contract transaction for iron ore with a Chinese steelmaker, Ningbo Iron & Steel.

The transaction involved Cargill selling 170,000 tonnes of Australian iron ore to Ningbo Steel in China.

Cargill and Ningbo Steel collaborated on a cloud-based platform and the whole transaction - from acceptance of key commercial terms through delivery - was completed on Chinsay’s Intelligent Contract Platform (ICP), the...

Published

Deepali Sharma

December 13, 2019

06:16 GMT

Singapore