On October 21, the first electronic trading center for renewable resources (mainly steel scrap) in the southwest of China officially began trading in Chongqing, as announced by local media sources. The total value of trading activity on the first day amounted to RMB 80 million ($13.1 million).
The center will help scrap recycling companies to lower their trading costs. The new electronic trading center is located on a site totaling 67 hectares, while the value of trade at the center is expected to reach RMB 10 billion ($1.6 billion) within one year of the start of operations. In 2015, the total value of trade at the center is expected to be in the range of RMB 50-100 billion ($8.2-16.3 billion).