/* Style Definitions */
mso-padding-alt:0in 5.4pt 0in 5.4pt;
font-family:”Times New Roman”;
BHP Billiton has joined China’s rival iron ore trading system, the last of Australia’s big iron ore companies to do so.
According to The Sydney Morning Herald while BHP has joined the Beijing Metals Exchange it still favours the Singapore-based Global Ore platform.
A spokesperson said the company favoured "any initiative aimed at improving market transparency and liquidity".
Earlier this year some analysts said the rival trading system was created in the hope of weakening Rio Tinto and BHP’s monopoly on iron ore.
According to Fairfax Media Rio Tinto and FMG signed up to the system last month, with BHP following Brazilian miner Vale, which made the switch this week.
Unlike other systems the China backed model will not allow trade in iron ore derivatives such as swaps and futures.
The platform will also ban financial institutions and banks from joining.
Both moves are aimed cutting price speculation and lowering artificial changes in the market.
Only producers, buyers, and traders of ore are part of the Beijing system.
The Beijing Metals Exchange is the latest in a series of moves by Chinese entities to lower high minerals prices.
While the BHP favoured Global Ore platform remains in use China steel collectives have told their producers to avoid it.