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BaoSteel to start own iron ore spot trading center-The 17th China(Guangzhou)Int’l Spring Industry Exhibition
1/14/2016 Spring Industry expo |
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Baosteel Resources is soon to start the operation of its Shanghai Ore International Trade Center in Free Trade Zone, according to Baosteel on January 12, meaning the No.1 steel mill in China would have its own iron ore spot trading center.
Baosteel Resources, a wholly-owned subsidiary of Baosteel Group, mainly engages in mineral resource investment, trade and logistic services.
Shanghai Ore International Trade Center has distinguish features compared with existing ones, as it streamlines global trade procedure, offers financial, logistics, insurance, tax and settlement services that help cut trading costs, and also conforms to the trend in Chinese currency''s internationalization and promotes the RMB-dominated invoicing and settling, said Baosteel.
In 2015, Baosteel Resources’s trading volume of iron ore from Australia and Brazil surged more than 30 percent, according to the steel manufactuer.
Another spot iron ore trading center in China COREX is expected to have a trading volume of 30 million-35 million mt in 2015, double the 16.4 million mt traded in 2014, a China Iron & Steel Association official said on July 14, 2015.
-spring
- spring industry - spring industry expo-The 17th China(Guangzhou)Int’l Spring Industry Exhibition
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