It is reported that the opening ceremony of China Scrap Electronic Trading Forum was held in Jiangyin city Jiangsu province yesterday. Nanning (China-ASEAN) Commodity Exchange (NCCE) east China headquarters located in Lingang New City is preparing for electronic transactions of scrap varieties in Jiangyin and this will be the first scrap varieties electronic exchange in China.
At the opening ceremony, China Scrap Electronic Transactions Experimental Base Agreement was signed by China Association of Metal Scrap Utilization and NCCE. Related agreements were also signed with China Inspection and Quarantine Bureau, cooperative bank and key customers such as Yangtze River ship-breaking yards.
Mr. Xue Liang, member of Jiangyin Municipal Standing Committee and director of Lingang New City Administration, said four industry clusters of low-carbon, new materials, machinery and equipment and modern logistics are fostered in Lingang New City now making new growth and competitiveness for regional economy. And this will open up a broader market and space for development of electronic trading to achieve greater value of the estates. Scrap electronic transaction is a promotion to circular economy development.
Mr. Shu Yang chairman of NCCE said, after introduction of scrap electronic transactions studies will be on pig iron, billets, slabs and other varieties and introduction will be continued. This will make a bigger and stronger modern financial services industry in Jiangyin with projected annual turnover of east China headquarters of NCCE reaching CNY 10 billion in 2010, CNY 300 billion in 2011 and CNY 600 in 2012.
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