Chinese steel giant Baosteel Group has stated that its Xinjiang-based subsidiary Bayi Iron and Steel Co. (Bayi Steel) has launched its new e-commerce platform for trading of steel products after 10 months of preparation work. The platform is the result of a joint project by Bayi Steel, Baosteel's IT business unit Bsteel and Baosight Software, and is the first such steel trading platform in northwestern China.
In a second phase, online trading of steel futures is expected to be launched in June of the current year.