According to market situation, COREX has revised Measures for the Implementation of Iron Ore Floating-Priced Trading in Beijing Iron Ore Trading Center, Specifications of Trading Products for Iron Ore Spot Trading of Beijing Iron Ore Trading Center and Electronic Confirmation Letter, all of which will be detailed in Trading Rulebooks/Market rules/List of Iron Ore Spot Trading Regulation Document of Beijing Iron Ore Trading Center.

Main Revised Content

I.       Measures for the Implementation of Iron Ore Floating-Priced Trading in Beijing Iron Ore Trading Center

                   i.          Remove “B/L Month”;

                  ii.          Add “B/L ±Month”, “NOR±Month”;

                 iii.          Terminologies in the formulas are revised.

II.      Specifications of Trading Products for Iron Ore Spot Trading of Beijing Iron Ore Trading Center

                   i.          The number of products has been adjusted to 24;

                  ii.          Removed Products:

                        Fines: Vale 64, Vale58, 63.5%, 61.5%, 56%;

                        Lump: Rober River Lump and Vale Lump;

                        Pellet: 63%;

                        Concentrate: 65%;

                 iii.          Added Products: IZC65 concentrate and 63.5% concentrate;

                iv.          Added Delivery Port of On-port Cargo: Shulanghu Port;

                 v.          Added Delivery Period: “Arrival Port Period” and “Quarter”.

III.    Electronic Confirmation Letter

                   i.          Add “Arrival Port Period” and “Quarter” in Delivery Period;

                  ii.          Add “Settlement Basis”.

This adjustment will become effective on June 27th, 2016.

Hereby Informed

Beijing Iron Ore Trading Center Corporation

June 8th, 2016