1, spot in transit: refers to the iron ore that has not been issued or is in transit in the mine.
Loading date: [m-2, m+3], where m is the current month.
* For the shipped vessel, the loading date is the date of bill of lading;
* The loading date for the ship that has not been shipped is the date when the ship is expected to arrive at the port and get ready for loading.
Price terms: CFR (Qingdao Port), FOB
2. Spot in bonded area: refers to the iron ore that has not been declared in the bonded area of China Port.
3. Port spot: refers to the iron ore that has been stockpiled in China port and has been paid customs clearance.
Port of delivery: Qingdao Port, Rizhao Port, Caofeidian Port, Tianjin Port, Jingtang Port, Lianyungang Port, Beilun Port, Bayuquan Port, Dalian Port, Zhanjiang Port and Fangchenggang.
(II) Trading Target: The platform selects iron ore with strong liquidity and recognized price basis in the market as trading products, and divides it into typical products and general products according to product specifications. Typical products refer to products with clear brands, and the platform provides typical values; General products are named after "grade+place of origin", and the platform provides the guaranteed value.
1, fine ore: PB powder, Newman powder, Yandi powder 1, Yandi powder 2, Mike powder, Luobuhe powder, rocket powder, special powder, ultra-special powder, V65 powder, V63.5 powder, V62 powder, V68 powder, 67%, 65%, 63.5%.
2. Block ore: PB block, Mike block, Newman block and Luobuhe block, 63%, 62%, 60% and 58%.
3. Pellets: 65%, 63%
4. Pelletizing refined powder: 66%, 63%
* Country of origin: Australia, Brazil, India, Russia, Canada, South Africa, Ukraine, others. (1) Transaction mode:
1, pre-matching transaction object mode: A member must choose at least three (including three) credit-matching transaction objects from other members of North Mining Institute and sign the Confirmation of Spot Trading Objects of Iron Ore. The system can only match transactions among members who sign the Confirmation of Spot Trading Objects of Iron Ore. By matching the trading partners in advance, possible trade disputes can be reduced and members can effectively avoid credit risks.
In the mode of matching transaction objects in advance, both parties to the transaction deposit sufficient funds in the designated special account for transaction fund settlement in advance to pay transaction service fees, and the transaction service fees of both parties will be automatically frozen after declaration. According to the electronic transaction confirmation issued by the platform and other prior agreements, both parties to the transaction sign the transaction contract and make payment for the goods and delivery of the goods. The platform will automatically deduct the corresponding transaction service fee after the transaction.
2. Accept all other members as trading objects by default: members can allow the system to automatically default all other iron ore trading members of North Mining Institute as their trading objects, and the trading platform introduces third-party institutions (banks and goods supervisors) to supervise the funds and goods rights on their behalf, helping enterprises avoid credit risks.
Under the mode of accepting all other members as trading partners by default, before the declaration, the seller supervised the goods right through the goods supervisor and deposited the transaction service fee in advance, while the buyer deposited the performance bond (20% of the total payment) and the transaction service fee in advance, and the performance bond, transaction service fee and goods right of both parties were frozen after the order was placed. After the online transaction between the buyer and the seller, the platform will issue an "Electronic Transaction Confirmation" and unfreeze 80% of the goods rights. According to the Electronic Transaction Confirmation issued by the platform, both parties to the transaction sign the transaction contract by themselves and make payment for the goods and delivery of the goods. After both parties to the transaction confirm that there is no objection to the transaction, they need to submit the Application for Performance Bond and Goods Thawing to the platform, and the platform will unfreeze 20% of the deposit and 20% of the goods rights. The platform automatically deducts the corresponding transaction service fee after the transaction.
* The first batch of designated settlement banks: China Industrial and Commercial Bank, China Construction Bank, China Bank and Huaxia Bank.
* The first batch of designated goods supervision institutions: Sinotrans Co., Ltd., COSCO Supply Chain Management Company, China Minerals Co., Ltd. and Sinosteel International Freight Co., Ltd.
(2) Declaring the transaction:
Anonymous declaration: In any trading mode, both parties to the transaction declare their purchases and sales in the platform anonymously, and the name of the transaction object is disclosed to both parties after the transaction.
Contents to be declared: name of trading variety, country of origin, price terms, port of delivery, loading date, quotation unit, declared quantity, etc.
Best price principle: time first, price first. The principle of time priority means that when the declaration instructions are the same variety, same grade, direction, price and quantity, the prices are arranged in chronological order; The principle of price priority refers to the arrangement of buying price from high to low and selling price from low to high.
(3) Trading plate:
1, international market: denominated in USD.
In-transit spot A: it is necessary to match the transaction object in advance, and the overall transaction of each order is ≥ 20,000 tons;
Spot B in the bonded area: it must be matched with the transaction object in advance, and the overall transaction of each order is ≥ 20,000 tons;
2. Domestic market: RMB pricing.
In-transit spot C: the transaction object must be matched in advance, and the overall transaction of each order is ≥ 20,000 tons.
Port spot D: the transaction object must be matched in advance, and the overall transaction of each order shall be ≥1000t.
Domestic port e: all other members are the trading partners by default, and the total transaction volume of each order is ≥1000t.
Domestic Port F: All other members are the trading objects by default, each order can be partially traded, and the platform with 1000 tons as the minimum reporting unit (1000 tons or an integer multiple of 1000 tons) is used to set up a special account for fund settlement for members, and separate account management is implemented. Set up a transaction service fee account and a performance bond account in the special fund settlement account to ensure the clear and transparent use of funds. After signing a contract with a designated bank, a member can transfer funds from his own fund account to a special fund settlement account for trading; When handling the gold withdrawal business, members should fill in the Application Form for Gold Withdrawal of Iron Ore Trading Members of North Mining Institute, and the gold can be withdrawn only after it has been approved by the platform.
In view of the trading mode that all other members are accepted as trading objects by default, the platform supervises the goods through a third-party goods supervisor. At this time, the seller must provide relevant ownership and quality certificates to the goods supervision party and ensure their authenticity and effectiveness. The goods supervisor shall review the goods declared by the seller on the system, including the variety, quantity, quality, place of origin, port of delivery and other indicators to ensure the authenticity of the declaration. In order to prevent malicious speculation and avoid market risks, the platform has set up a price limit system, a member declaration limit system and a risk warning system.
Limit system for ups and downs: set limits for single-day ups and downs and cumulative ups and downs. The benchmark price of the rise and fall is formed by the comprehensive research of the North Mining Institute based on the average price of the previous trading day and the iron ore price in the market.
The quota system of member declaration is to check the maximum amount of each member's annual, daily and single transaction declaration according to the total market circulation, transactions and members' operation in the past two years under the premise of controllable risks and reasonable growth.
Default handling: the platform adopts different handling methods according to different trading modes. Under the mode of matching the transaction objects in advance, both parties can negotiate to solve the member's default. If the negotiation fails, it can be submitted to an arbitration institution recognized by both parties, such as China International Economic and Trade Arbitration Commission. The platform can provide corresponding evidence (transaction information, transaction history, etc.) according to the requirements of the arbitration institution, and at the same time, take measures such as issuing a notice and lowering its credit rating according to the member's default. Under the mode of accepting all other members as trading partners by default, when a member breaches the contract, it must provide the platform with an agreement reached by both parties on dispute settlement or a notice of court assistance, and the platform will pay the performing party with the performance bond and the corresponding proportional cargo rights as the upper limit according to the above legal documents. Adhering to the principle of fair and open construction, the platform recruits members from all over the world. Any qualified domestic and foreign mines, steel mills and traders can submit membership applications and become members after approval.
(1) Basic qualification requirements for membership
1, legally registered, engaged in iron ore trade, production, processing and other business activities;
2. Commitment to abide by the Rules for Spot Trading of Iron Ore of Beijing International Mining Rights Exchange and other series of regulations;
3. The trading volume of iron ore in the previous year is more than 300,000 tons from the date of applying for membership;
4. It has a good reputation and business history;
5. Having a sound organizational structure and financial management system and a sound trading business management system;
6. Having a fixed and certain-scale business place and necessary office and trading facilities;
7. Employees with iron ore business background or corresponding work experience.
(B) the way to join
1, China Iron and Steel Industry Association, iron ore branch of China Minmetals Chemical Import and Export Chamber of Commerce and enterprises invited by the platform can apply for membership voluntarily;
2. Other enterprises must be recommended to join by two or more member enterprises, and after becoming members, they must reach a transaction object confirmation agreement with the inviting enterprises;
3. All joining enterprises must meet the basic qualification requirements for joining the trading platform.
Membership rights:
(a) trading in the specified varieties in the North Mine;
(two) the use of trading facilities provided by North Mine, to obtain information and services related to trading;
(3) The North Mining Institute assists in obtaining financing services provided by cooperative banks;
(four) to put forward opinions and suggestions on the work of North Mining Institute;
(five) to participate in the membership activities organized by North Mining Institute;
(six) other rights that should be enjoyed according to law.