Steelonthenet.com – London, United Kingdom; 01 Jun 2012 – The volume of iron ore swap contracts cleared on the Singapore Exchange (SGX) in May surged to another all-time high, exceeding the previous record set in October 2011. According to an SGX NewsFlash today, over 7.67 million tonnes of swaps (with a nominal value of over US$1 billion) were cleared during May, representing an increase of 122% on the same month last year. SGX uses exclusively The Steel Index (TSI) 62% Fe iron ore fines reference price for settlement of its iron ore swap contracts
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