Preparation work has been stepped up for the opening of the Rizhao International Iron Ore Transaction Center, jointly founded by five companies in Shandong Province with a total investment of RMB 20 million ($2.93million). The new center will be the first iron ore transaction center in China, and will supply intermediary services as a third party, including the provision of a transaction platform, information, quality control, storage, transportation, insurance and settlement for large iron ore trading deals.
Rizhao port is one of China's nine largest ports with a throughput of over 100 million mt. In 2008, Rizhao port handled a total of 76 million mt of iron ores, 20 percent of China's total iron ore imports. Its ready links to many other ports have made Rizhao more competitive when mills and traders are choosing ports for importation.