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Friday's launch followed the exchange opening up crude oil futures to foreign traders in March.
In a translated statement, China Securities Regulatory Commission vice chairman Fang Xinghai said the opening up of iron ore futures would provide experience to open up existing futures products.
"On the basis of the internationalisation of crude oil and iron ore futures, DCE will accelerate the introducing of international investors and the internationalisation of all futures products when conditions permit, thus giving play to the international influence matching with the economic status of China," Fang said.
The exchange chairman Li Zhengqiang has said that China, as the world's largest importer and consumer of iron ore, had "the obligation to provide an open, transparent and fair price benchmark reflecting the real supply and demand situation on the global iron ore market."
The most traded September iron ore contract closed up slightly at 476 yuan a tonne yesterday ($74.69/t) with a volume close to 2.76 million lots.
The volume for that contract had reached 3.2 million lots on Monday, the second day of foreign trade, which was higher than April's daily average of 2.8 million lots, Reuters reported.
