The Singapore Exchange (SGX) and the China Beijing International Mining Exchange (CBMX) will cooperate to develop Chinese and international iron ore markets, they said in a joint statement on Tuesday.

SGX AsiaClear has over 90 per cent of the global market share in the clearing of iron ore swaps, while CBMX operates the iron ore spot trading platform in China.

Over 13 million metric tonnes of iron ore have been traded on CBMX since it opened on May 8 last year.

The exchanges said they signed a Memorandum of Understanding for the collaboration and would explore product development, market development and information sharing.

They will also work on improving interaction and risk transfer between the spot and derivatives markets.