20 1 1 In August, Singapore Commodity Exchange (SMX) launched the second iron ore futures contract in the world, which was settled in cash. The contract is based on the iron ore price index of data provider Metal Bulletin. On April 20 13 12, Singapore Exchange (SGX) launched the first futures contract based on the price of 62% grade iron ore in Tianjin Port, China, and stipulated that the contract should be paid in cash.