Vale joins China's iron ore physical trading platform

SHANGHAI, April 17 Mon Apr 16, 2012 11:26pm EDT

SHANGHAI, April 17 (Reuters) - Vale has become a member of China's first iron ore physical trading platform which Beijing hopes will help it gain more power over pricing and provide more transparency to the spot market, the platform operator said on Tuesday.

The move came after the miner earlier signed a memorandum of understanding with the China Beijing International Mining Exchange (CBMX), which operates the electrical platform.

Other miners including Rio Tinto and Fortescue Metals have also joined the platform. (Reporting by Ruby Lian and Kazunori Takada)

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