China's first physical iron ore trading platform debuted on Tuesday right here in Beijing. This new trading platform is expected to help the world's biggest buyer of the commodity to boost its price-setting influence, as many analysts believe the platform is China's latest move to wrest control from top miners such Vale, Rio Tinto and BHP Billiton.

The spot iron electronic trading platform, operated by China Beijing International Mining Exchange, will offer contracts settled in dollars and yuan, however the exchange said, that banks and financial firms would not be allowed to participate in a bid to stem speculation, and there will be no trading of iron ore derivatives. Commission wise the exchange will charge a fee for both buyers and sellers of 0.125 yuan ($0.02) per ton.

(CNTV.cn May 8, 2012)