China's Dalian Commodity Exchange (DCE) announced last Friday that it will reduce the amount of the iron ore delivery orders applied for delivery to 10,000 metric tons (tonnes) or its integral multiple numbers from the original 40,000 tonnes or its integral multiple numbers. The new rule will take effective as of the iron ore futures for January delivery.
Analysts believe that the adjustment will make the delivery system for the delivery order much closer to the actual market situation, enhance market efficiency, and help the iron ore futures better serve the real economy. According to Mysteel, by the beginning of 2015, a total of 471 deals of spot iron ores at the sea ports were concluded in the amount of about 6.1 million tonnes, representing about 13,000 tonnes each deal. Therefore, the adjustment will help protect interests of the customers and promote deliveries of the port spot resources.
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