On April 6, construction work commenced in Anning in China's Yunnan Province on ASEAN International Steel City, which is expected to be the largest steel trading center in southwestern China, as reported by local media sources.
The new steel trading center is being built by Yunnan-based Lianchang Investment at a cost of RMB 4.6 billion ($730 million). Construction of the center will be carried out in four phases to be fully completed by 2016. In the first phase, the company plans to build a large modern steel logistics park, with a designed storage capacity of 500,000-600,000 mt, an annual processing capacity of 800,000 mt of steel products, and an annual steel trading volume of 6 million mt. It is expected that the new center, when full completed, will bring in annual revenues of RMB 30 billion ($4.76 billion).