BEIJING -- China will introduce foreign investors to trade in domestic iron ore futures from May 4, according to the country's securities regulator.

The iron ore futures are traded on the Dalian Commodity Exchange, which rolled out rules in late March to guide foreign investors to participate in the market and took a market test earlier this month.

Introducing foreign investors into the domestic iron ore futures market will help develop a widely accepted price benchmark and boost global iron ore trade, according to the Dalian Commodity Exchange.

China is the world's largest importer of iron ore.

China introduced foreign investors to trade in crude oil futures last month.