SOEs set up center for trading minerals

China Minmetals and four other State-owned companies have joined hands to set up a new international trading center for minerals in the Caofedian Wetlands in Hebei province.

The center, which will be able to handle transactions of over a hundred million metric tons, will be China's first full-chain mineral trading center. It will also facilitate the world's largest consumer and importer of iron ore in having a bigger say in sectors including iron ore trade.

Guo Wenqing, general manager of China Minmetals Corp, said the center would cover warehousing, ore proportioning, hedging, financing, spot and future goods.