China's first iron ore spot trading platform made its debut on May 8 as the country, the world's largest consumer of the commodity, strives to up its pricing power. First-day transactions totaled 242,000 tons.

The platform was jointly launched by China Beijing International Mining Exchange, China Iron and Steel Association and China Chamber of Commerce of Metals, Minerals & Chemicals Importers and Exporters.

The benchmark trading price will be set based on the average prices on the previous trading day, while the daily trading band is set at 10 percent.

So far, the platform has 152 members, including major Chinese steelmakers such as Baosteel, Anshan Iron and Steel Group and Hebei Iron and Steel Group, as well as top foreign miners BHP Billiton, Rio Tinto, Vale and Fortescue Metals Group Ltd.