Hong Kong Exchanges and Clearing Limited (HKEX) on Wednesday announced to introduce its first ferrous metal product.

It will roll out in November of this year, subject to market readiness.

The iron ore futures, TSI Iron Ore Fines 62 percent Fe CFR China Futures, will be cash-settled in U.S. dollars with both day trading and after-hours trading.

It is expected to complement the HKEX's existing precious and base metals products.

With the benefits of electronic trading, the planned iron ore futures will provide a transparent and efficient risk management and investment tool for physical and financial users who want to hedge their price risk or gain exposure in iron ore, said Li Gang, HKEX's co-head of market development.