The index consists of two sub-indices, to track the domestic iron ore prices and import prices.
China Iron and Steel Association says the data collecting system is running well as the iron ore index had its trail operation in August.
The steel industry maintained fast growth in the first half of the year, with steel output reaching 350 million tonnes, up 9.6 percent from a year earlier
Zhu Jimin, Chairman of China Iron and Steel Association, says soaring iron ore prices have squeezed profits of China's steel producers.
"During the first eight months this year, China imported 448 million tons of iron ore
