Shipbroker SSY has announced that its commodities arm, SSY Futures, has brokered the biggest ever trade in iron ore futures.
SSY Futures concluded the transaction – rolling a 5m tonne position from a 2023 prompt date to 2024, generating a total futures volume of 10m tonnes.
The trade involved counterparties from both the physical and financial markets and was cleared by the Singapore Exchange.
Jamie Pearce, global head of derivatives at SSY, commented: “As the market continues to develop, we are seeing more and more clients trade in large blocks and we believe that today’s transaction is an important milestone in an already active market.”
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