DCE Launch Ceremony for Introducing Overseas Traders into Iron Ore Futures
Dalian – May 4, 2018
Respected Vice Chairman Fang Xinghai and Director General Luo Hongsheng from China Security Regulatory Commission;
Respected Dalian Party Secretary Tan Zuojun,
Respected Dalian Mayor Tan Chengxu,
Respected Chairman Li Zhengqiang and President Wang Fenghai of Dalian Commodity Exchange
Ladies and Gentlemen: Good Morning!
On behalf of Vale, I would like to extend my warmest greetings and congratulations to the Dalian Commodity Exchange for today’s ceremony. Today’s event marks another important milestone for the Commodity Exchange and China in its efforts to support the steel industry and in the opening-up initiatives that China is undertaking.
Vale is the largest iron ore producer in the world, and throughout 2018 we are celebrating 45 years of cooperation with China.
Vale is focused on providing high quality ores, excellent service and timely deliveries to our customers - supporting China’s steel industry and the continuation of its sustainable development. Our product portfolio is a perfect fit for China’s ‘New Era’ where environmental performance is being prioritized and quality is being championed by the Chinese leadership.
Our Brazilian Blended Fines (BRBF), which was developed especially for the Chinese marketplace, has had great market acceptance. For customer convenience, we are commercializing it in both RMB and USD. This product will help Chinese steel mills reduce CO2 emissions, lower slag production and increase productivity. Together with Vale’s focus on just-in-time service and payment options – Vale is finding ways to help our customers achieve their strategic objectives in the ‘new era’.
Turning to today’s announcement by the DCE - derivatives play an important role in commodity markets by supporting a transparent price discovery and providing liquidity for both suppliers and consumers looking to manage their pricing risk. We firmly believe that the DCE’s initiative of internationalization of its iron ore futures trading is very positive and we fully support DCE in this initiative.
We are confident that DCE’s futures market will play a significant role in supporting the steel industry in both China and the world. Vale wishes DCE great success in its next phase of internationalization of futures trading.
Thank you! Xie Xie!