The iron ore options started trading at the Dalian Commodity Exchange (DCE) on Monday.

This means that China might have a chance to challenge some of the traditional options trading markets such as Singapore.

SMB, together with Singapore's Winning, won a tender to develop Simandou's blocks 1 and 2.

"The trend is for prices to gradually dip down but the path will be really bumpy," Liao said.

Prices of mid-grade Brazilian fines were up on Wednesday October 30, with a Brazilian Blend fines (BRBF) cargo fetching $85.60 per tonne.

ferro-alloys.com:Karnataka mining bodies expecting a drop-off in iron ore prices

The lease extension will be granted after an application has been made by the state-run company.

China accounts for more than 20 percent of the company's total sales volume, Machkevitch stated.