A new finished steel trading market in Panbao, located in the Jiangjin district of southwestern Chongqing in China, started business on March 29, as announced by Chongqing Daily on March 30.
The completed Panbao finished steel market will have a total covered area of 380,000 square meters, accommodating more than 1,600 companies or traders, and with an expected annual transaction turnover of more than RMB 100 billion ($16 billion).
At present, just the first phase of the overall market project has opened for business. After the completion of the planned three phases, each year the market will be able to process 1.8 million mt of steel products and will have an annual spot market steel product trading volume of up to 3 million mt.