Since its first iron ore shipment to China in 1973, Rio Tinto has supplied China with more than 3.5 billion tons of high-quality iron ore.

The problem is that there are more than 13m tons of HRC capacity coming online or planned to come online in the next three years.

The company signed a cooperation agreement with Xinjiang Bayi Iron and Steel at the fourth CIIE in 2021 to provide the latter with approximately 4 million metric tons of iron ore worth $460 million this year.

These include changes to the Emissions Trading System (ETS) and a new levy on imports under the Carbon Border Adjustment Mechanism (CBAM) to prevent carbon leakage.

The daily trading volume on the LME, inclusive of the liquidity window, totaled 16,930 mt on Nov. 1 and 33,430 mt on Nov 2.

The MOU is to study the development of a high-quality iron ore logistics and processing facility, according to an NIDC statement circulated on Oct. 30.

The two contracts have gained momentum on high volatility in the physical market that attracted greater futures interest.

The London Metal Exchange is to launch a number of new initiatives to boost the screen liquidity of its cash-settled ferrous futures contracts, it announced during the LME Focus Day event on Oct. 27.