Shanghai Shipping Exchange. (File photo: VCG)

Shanghai Shipping Exchange (SSE) revealed the China Coastal Bulk (Metal Ore) Freight Index (CBOFI) and China Coastal Bulk (Grain) Freight Index (CBGFI) at the Shanghai Shipping Exchange Forum 2018 on Nov. 28.

Since releasing the China Coastal Bulk Freight Index (CBFI) in 2012, metal ore and grain have been an important part of it. In order to meet the marketization needs of domestic metal ore and grain transportation, SSE developed the CBOFI and CBGFI on the basis of CBFI's existing system.

"The CBOFI and CBGFI can better meet the application needs of market participants in various aspects such as transportation contract negotiations, market analysis and index-linked contracts, and provide better information support for the operation of various market entities and macro-control of government," the SSE said.

With China Coastal Bulk (Coal) Freight Index (CBCFI) and China Coastal Tanker Freight Index (CCTFI), the CBFI has formed a relatively complete framework system including four major categories of coastal coal, metal ore, grain and product oil.