Group News-HBIS Group

Caofeidian International Iron Ore Exchange Center Joint Venture Agreement Signed In Beijing

November 3rd, the Joint Venture Agreement of Caofeidian International Iron Ore Exchange Center was signed in Beijing. HBIS, China Minmetals, Port Of Caofeidian Group, Capital Steel and COSCO were partners signing the agreement. The partnership of International Iron Ore Exchanged Center, originally established by China Minmetals, will issue more shares to the new partners. The newly incorporated exchange center will have a wide business scope including custom bonding businesses, warehousing, hedging, financing, spot market, future goods delivery. It will be a green & environmental friendly, intelligent & efficient and multi-purpose exchange center being able to handle hundreds of millions tons of iron ore a year. HBIS CCP chairman, President Yu Yong attended the ceremony.

China Iron & Steel Steel Association CCP Chairman and Secretary General Liu Zhenjiang, Deputy CCP Chairman of Tangshan and Mayor Ding Xiufeng, Chairman of China Minmetals, CCP Chairman He Wenbo, Minmetals President, Deputy CCP Chairman Guo Wenqing, and high ranking executives of Port of Caofeidian Group, Capital Steel and COSCO also attended the signing ceremony.

Before the signature, the partners of the new joint venture had a brief discuss and HBIS Chairman Yuyong said the establishment of new iron ore exchange center will have a profound and strategic impact to the nation’s economy and the enterprises. It is not merely an endeavour of companies, but also a great effort following national supply side structural reform and Jing-Jin-Ji Coordinated Development Strategy full-filling their responsibilities. The new exchange center represents a new business model in the new era of supply side reform.The enterprises will be able to share their resources and coordinate with development strategies. HBIS will be ardent and steadfast to support this exchange platform and take this great opportunity to strengthen this new partnership.

According to the plan, the annual blending volume of this center will be 41million tons and the total trade volume will be over hundreds of millions of tons. As a steel mill client oriented platform, the exchange center will dedicate precise services to each specific furnace and generate new values in blending businesses. The exchange center will establish big data systems in major procedures including iron ore import, blending and delivery. It will have a precision management system and provide point to point & designated services and post sales services to each individual steel mill client. The concentrated blending production will also help the steel mills to protect the environment and assist the Chinese steel industry to upgrade to their overall capabilities, making their contributions in the environmental protection in Jing-Jin-Ji Area.