Sydney, Shanghai 14 October 2021 – FEX
Global Australia and Mysteel today announced the signing of an agreement
whereby FEX Global will seek to settle certain FEX benchmark contracts against
the Mysteel IOSCO compliant price assessments, subject to regulatory approvals.
Brian Price, FEX Global Executive
Director, said “Mysteel has been assessing prices in the
domestic Chinese metals market since 2000, and has built a reputation for
producing fair and transparent price assessments.”
“Mysteel is
particularly known for its coverage of China’s ferrous and commodity markets.
Mysteel iron ore indices have already been widely used in the physical markets
including by Vale, BHP, RIO Tinto and historically FMG, for both long term
contract pricing and miners’ tenders. For this reason, the initial focus of
this agreement is on Mysteel independently certified IOSCO compliant Iron Ore
price assessments,” Mr Price said.
Working closely with Mysteel will provide FEX Global with an important
source of leading price data to assist in providing customers with relevant
hedge tools to manage commodity price volatility.
Currently FEX Global
offers iron ore price and counterparty risk management via a recently launched
50MT AUD futures contract.
Mysteel Chairman, Zhu Junhong, said “FEX Global has
achieved rigorous regulatory and operational milestones while creating a new
platform that will revolutionize Asia-Pacific derivatives markets, which is the
fastest-growing derivatives region in the world.”
“The cooperation between FEX Global and Mysteel will
combine the strengths of both sides, leveraging Mysteel’s accessing and operational
capability to China’s commodity market, and the international reach and brand
trust of FEX Global. I fully believe this cooperation will bring a new way to
manage risks for global commodity market participants, and will also boost the
growth of the Asia Pacific derivatives markets,” Mr Zhu said.
Both companies will immediately begin work on the
partnership.
About Mysteel
Mysteel, incorporated in 2000 and headquartered
in Shanghai, is a publicly listed market intelligence provider, primarily
focused on China’s ferrous market as well as other commodities such as
nonferrous, energy and agricultural products. The company has established
itself as the leading commodity data provider and has information-collecting
systems covering over 450 iron ore market participants in China.
About FEX Global
FEX Global is an Australian based exchange that is
licensed to provide a range of energy, environmental and commodity based futures
and options contracts cleared CME. FEX Global seek to provide
market participants and users in the Asia-Pacific region
greater product relevance to enhance both the management of risk and the facilitation of investment in the region.