SGX OTC Iron Ore Swaps May Volume Hits New High
Singapore Exchange (SGX) said its May volume of iron ore swaps cleared hit a new record high of 6,905 contracts.
Cleared contract volumes in May increased 73% from a year ago due to participation from more counterparties in Asia Pacific and Europe, and on general increased interest from the iron and steel industry. This is 56% more than the previous record set in April 2010. Open interest as at end May 2011 more than tripled to 5,667 contracts versus a year ago.
SGX has cleared more than 34.6 million tons of iron ore swaps since the service was launched in April 2009.
Counterparties on SGX include steel mills, iron ore traders, shipping companies, traders and producers from Asia and Europe.