CME Group offers new iron ore contract

Singapore

CME Group Inc, the world's largest futures market operator, starts a contract for iron ore with 58 per cent content on Monday as the steel-making commodity trades near a five-year low amid expanding global output.

The cash-settled contract for 500 dry tonnes, which has January 2015 as the first listed month, will trade on the group's Globex platform as well as open outcry in New York, according to a Nov 23 statement and product specifications from the CME. Pricing will based on ore of that grade delivered to China according to data from The Steel Index, it said.