The first-day transactions totaled 242,000 tonnes and around USD 33.17 million, state run Xinhua reported.
The platform is jointly launched by China Beijing International Mining Exchange (CBMX), China Iron and Steel Association (CISA) and China Chamber of Commerce of Metals, Minerals & Chemicals Importers and Exporters.
It is hoped that the platform will create a fair, just and transparent international iron ore pricing system, Wang Xiaoqi, vice chairman of CISA said.
The benchmark trading price will be set based on the average prices on the previous trading day, while the daily trading band is set at 10 per cent.
So far, the platform has 152 members, including major Chinese steelmakers such as Baosteel, Anshan Iron and Steel Group and Hebei Iron and Steel Group as well as top foreign miners BHP Billiton, Rio Tinto, Vale and Fortescue Metals Group, CBMX president Dong Chaobin said.
The establishment of spot trading platform is also significant to India as it is the third largest supplier of ore to China.
Last year India exported USD 9.6 billion worth of iron ore to China.
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