Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Chinese steelmaker Nanjing Iron closed a $16.87mn iron ore deal with Rio Tinto using blockchain.


The transaction, completed July 8, marks the second trade on the platform in a month, following BHP and China Baowu closing a $14m deal. 


According to media reports, the shipment includes 170,000mt of Pilbara iron ore fines and lumps, roughly equivalent to a Capesize bulk carrier. The transaction was backed by Singapore-based DBS Bank. 


The steel industry appears to be adopting blockchain as a preferred means of conducting iron ore deals because it’s known for its enhanced security and speed of reporting transactions.

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