Ice launches cleared iron ore swap contract

IntercontinentalExchange (Ice) will introduce an over-the-counter cleared iron ore contract based on the Platts Iron Ore Index on December 2.

"As a major input to steel production, iron ore is essential to the global economy and is one of the largest commodities today without a fully developed derivatives market," says Mike Davis, director of market development at Ice Futures Europe. "We have designed the contract to meet the requirements of participants in the iron ore and steel industries so t