The Northeast Asia Spot Commodity Exchange set up a spot e-trade platform for magnesia materials, on Feb 27, as the first of its kind in China, Dalian News has reported.
It is a cooperative deal with the city of Dashiqiao, near Yingkou city, Liaoning province, and is expected to handle 30 billion yuan ($4.83 billion) worth of transactions and 500,000 tons of magnesia for the Changxing Island Port.
Dashiqiao is known as one of the four magnesia production areas in the world, with reserves of 4.456 billion tons.
At the same time, the Northeast Asia Spot Commodity Exchange is set to increase its transaction varieties to include foodstuff, steel, auto parts, and coal. With the online platform, the port's food handling capacity is expected to increase byfour million tons and annual throughput of steel to increase by one million tons.
Edited by Zhao Qian and Roger Bradshaw