On August 29, 2014, China Iron and Steel Association and major domestic and foreign steel mills, mines and trade enterprises jointly invested and founded Beijing Iron Ore Trading Center Corporation (hereinafter referred to as “COREX”). This marks a proactive exploration for “joint construction, win-win cooperation and common development” of upstream and downstream enterprises in the global iron ore industry chain.
The iron and steel industry is not only an critical fundamental industry of China’s national economy, but also an vital cornerstone for the high-quality development of China’s economy. Iron ore is a type of crucial raw material for steel production. Seizing the largest iron ore market share in China, COREX adapts to the changing trend of international iron ore trade pattern, devotes to promoting the establishment of a scientific and reasonable iron ore pricing mechanism by giving full play to the decisive role of the market in resource allocation, contributes to sound, stable and orderly development of steel industry and iron ore industry, and achieves mutual benefit and reap win-win result of the industry chain.
The realization of the “14th Five-Year” Development Plan depends on profound implementation of new development concept, accurate grasp of new development stage, and accelerated construction of new development pattern. In response to the new requirements under the new situations, steel and ore enterprises must be empowered by new thinking. In the future, COREX will unswervingly follow market-oriented approach, continuously work with the majority of market participants, put heads together for brainstorming, pool the wisdom and efforts of everyone, jointly quicken the pace to make the platform bigger and stronger, and give substantial and powerful support for the real economy!
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