Beijing, Dec 31 (IANS) Coal traders in north China's Shanxi province, which accounts for nearly one-fourth of the country's entire coal production, will now be able to make their transactions online, authorities said Monday.
According to Yan Shichun, deputy director of China Taiyuan Coal Transaction Centre, the coal transported along roads and by railways will be available for online purchase from Jan 1, China Daily reported.
"The transaction centre is like a supermarket that offers full service, from contract signing and distribution to account settlement."
Yan said once the new system is in place from Jan 1, traders can reduce intermediate links in the traditional sales chain and negotiate prices directly without the limits of space and time.
The China Taiyuan Coal Transaction Centre, the only national coal exchange centre approved by the State Council, has 2,756 registered traders. The centre's trading volume has reached 461 billion yuan (about $73 billion) since it opened in February.