Hong Kong Exchanges and Clearing Limited (HKEX) on Thursday announced to introduce its first ferrous metal product on Nov. 13.

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.

Price risk management is an indispensable capability and an area of growing need for Hong Kong.

To meet this need, HKEX announced plans for the iron ore futures late last month, HKEX said in a statement.

The new contract will complement HKEX's existing precious and base metals products and provide investors and risk managers with a new tool for trading, hedging and asset allocation, the statement said.