Brazilian miner Vale SA and two Chinese iron smelters have agreed to use the price in yuan of iron ore futures at Dalian Commodity Exchange as the benchmark for their trade in the commodity, the China Securities Journal reports.

The Chinese state-run newspaper says that, in doing deals in yuan, Vale is setting a trend for the international trade in iron ore, because it is the biggest miner of the commodity.

The report says the international importance of Chinese iron ore futures has grown since foreigners were first allowed to deal in them, in May last year.

By the end of last month over 110 traders abroad, in 15 different parts of the world, had dealt in Chinese iron ore futures, the China Securities Journal reports.