FACTBOX-Iron ore swap contracts: Who's doing what?

July 28 (Reuters) - Iron ore swap contracts have become increasingly popular since late 2008, as a bid by miners to create a more market-based pricing scheme has gained momentum after they abandoned the decades-old annual benchmark system.

The world's top three iron ore miners -- BHP Billiton (BLT.L: Quote), Rio Tinto (RIO.L: Quote) and Brazil's Vale (VALE5.SA: Quote) -- have the upper hand in iron ore pricing as they control nearly 70 percent of the total seaborne iron ore trade.

Their unilateral decision to dump the inflexible benchmark system has met fierce resistance from steelmakers in top iron ore consumer China, whose insistence to stick with annual pricing could delay the emergence of a liquid spot market.

For more stories on the changing dynamics of the iron ore market, click on: [ID:nSGE6560J7] [ID:nTOE66E07V]

The following is a list of services provided by various companies.

BANKS

* Credit Suisse and Deutsche Bank launched in May 2008 an over-the-counter (OTC) iron ore paper market, offering cash-based swaps, which are settled against published indices against spot physical iron ore delivered in China.

Credit Suisse said the volumes in the total swaps market could rise to 60-70 million tonnes by the end of this year from 30-40 million tonnes at present. [ID:nLDE62E1P9]