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Globalore adds ICX-linked trading option

15 May 2018 09:00 (+01:00 GMT)
Globalore adds ICX-linked trading option

Singapore, 15 May (Argus) — Singapore-based iron ore trading platform Globalore will add the Argus ICX assessment as an index-linked option for physical transactions starting from tomorrow.

The Argus ICX index, the price for 62pc Fe Chinese imported iron ore, will be listed under the acronym A62.

The Argus ICX index has previously traded on Globalore under the AT62 basket of the ICX and TSI's 62pc Fe index, which was used primarily to trade Jimblebar fines.

Seaborne iron ore fines trade by specific brand, on both a fixed-price and floating basis on a cfr China basis. The most liquid indexes are for 62pc and 65pc Fe fines. Trade mostly follows the indexes used in long-term contracts, but market participants can also vary the indexes to play the differentials in bid and offered premiums or discounts on screen.

Beijing-based iron ore trading platform Corex also lists the Argus ICX as an option for floating basis trade.