Coal trading goes online in China

Coal dealers and buyers in north China's Shanxi Province will be able to make transactions online in the new year, China's News Agency (Xinhua) reported. Coal transported on roads and railways will be available for online purchase starting from Jan. 1, deputy director of the center said. "The transaction center is like a supermarket that offers full service, from contract signing and distribution to account settlement," deputy director said. Traders can reduce intermediate links in the traditional sales chain and negotiate prices directly without the limits of space and time, he said. Coal production in Shanxi accounts for almost a quarter of the country's total. The China Taiyuan Coal Transaction Center, the only national coal exchange center approved by the State Council, has 2,756 registered traders. Its trading volume has reached 461.2 billion yuan (73.4 billion US dollars) since the center opened in late February.