SINGAPORE - Singapore's position as the dominant market for derivatives products linked to the price of seaborne iron ore has grown even stronger.

Investors hoping to dabble in the iron ore market can look to the Singapore Exchange's new SGX Iron Ore Futures Indices, unveiled on Monday (Sept 18).

In a statement, the SGX said this is the first series of SGX commodity-based indices to be used as benchmark for tradable products. They will be licensed to Daishin Securities, a Korea-based securities and investment firm.

Comprising two total return indices, the iron ore futures indices are based on the US dollar-denominated SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures.

More than 1.6 billion tonnes of international iron ore derivatives changed hands on the SGX in the year to June 2017, making the exchange host to more than 90 per cent of the seaborne iron ore market.

SGX head of commodities William Chin said: "With demand for iron ore linked directly to industrialisation across the globe, and particularly in Asia, iron ore has emerged as a robust barometer of global economic activity."