China may launch iron ore futures

China is likely to launch its own iron ore futures before the end of this year, officials with Dalian Commodity Exchange (DCE) said Wednesday.

The futures trading has been proposed by DCE as part of the efforts to help domestic companies handle price volatility in global market.

DCE has submitted the plan to the China Securities Regulatory Commission for review while the China Iron and Steel Association has agreed with the proposed futures launch.

The exchange is soliciting opinions on a draft of futures contracts from various departments and industrial associations, said Chen Wei, a DCE official.

The world's largest iron ore importer, China imported 384.29 million tonnes of iron ore in the first half of 2013, up 5.1 percent from a year ago, statistics from the General Administration of Customs show.

Chinese iron ore imports from Australia and Brazil accounted for 50.06 percent and 18.33 percent, respectively, during the January-June period.