On March 20, Australian iron ore miner Fortescue Metals Group (Fortescue) officially joined China's iron ore spot trading platform, as reported by platform operator China Beijing International Mining Exchange. China's iron ore spot trading platform was launched in January this year with the backing of the China Iron and Steel Association (CISA).
Fortescue is the world's fourth biggest producer of iron ore. It has set itself an annual iron ore output target of 350 million mt for 2020. The ‘big three' global iron ore miners - Vale, Rio Tinto and BHP Billiton - have not yet indicated whether they intend to join the Chinese trading platform.