Qingdao Bonded Port Area becomes major trade center

Edited and translated by People's Daily Online

The average daily turnover in Qingdao Guojin Precious Metals Exchange, which started a pilot run on Oct. 20, now stands at around 400 million yuan. The figure is expected to exceed 10 billion yuan after the exchange officially begins operations next year, the exchange's President Sun Xiaoyang said. This is the 10th specialized exchange in Shandong province's Qingdao Free Trade Port Area (QDFTZ), a major international trading center for bulk commodities in northern China.

Statistics showed that during the first nine months of the year, nearly 49.5 million tons of commodities were traded in the QDFTZ, up 361 percent from a year earlier, and the total turnover reached 75.1 billion yuan, up 95 percent from a year earlier. In addition, the number of companies trading in the QDFTZ exceeded 6,600.

Qingdao International Board Of Trade Company, located in the QDFTZ, was the first exchange in China to trade urea fertilizer over the medium and long term. In addition, nearly 17.4 million tons of lead worth 10.2 billion yuan was traded during the first nine months in the Qingdao International Nonferrous Metal Exchange, which integrates forward and spot trading.