SHANGHAI, Apr. 20 -- Sponsored by steel traders from Shanghai, Beijing and Guangdong, China's first national electronic transaction platform for spot steels came on stream in Shanghai Sunday.

    The platform aims to concentrate pending orders, financing functions, purchasing acts and distribution in spot steels trading field. It will also roll out "spot steels benchmark prices" to accurately and sensitively reflect price changes in the steel market.

    Insiders note that the move shows the domestic steel trading and logistics sectors have sped up transformation in a bid to integrate resources in spot market, electronic business technology, finance and logistics, and promote electronic practice in a whole process of spot trading including pending order, transaction, settlement and delivery.

    (Source: chinamining.org)