On May 31, Shanghai Steel Trading Center formally opened after operating on a pilot basis for half a year, as reported by local Chinese media sources. Based in the Baoshan district of Shanghai, Shanghai Steel Trading Center will focus on spot electronic trading of steel products, on supply chain financing, and will publish a market price index.

The establishment of the new steel trading center was led by Shanghai-based Chinese steel giant Baosteel. Shang Yuying, director of Shanghai Municipal Commission of Commerce, said that by means of e-commerce the center will help upgrade China’s steel distribution industry.