Rare earth products exchange sees trading rocket
In the first half of the current year the Baotou Rare Earth Products Exchange, or the REPE, saw trading volumes rocket to 76 billion yuan ($10.76 billion), representing year-on-year growth of 39 percent, according to reports in the Baotou Daily.
The Baotou Rare Earth Products Exchange was set up in the city to further promote the sales and trade of rare earth products, with the approval of the People’s Government of Inner Mongolia autonomous region in May 2011. It opened in March 2014 and is the only e-commerce platform in China where individuals can trade rare earth products.
It can provide trading, settlements, quality inspection, financing and big data services.
Last year four transaction categories were included -- mall trading, listing trading, spot trading and a direct selling market. Five service systems were set up: a transaction settlements service system, warehousing logistics service system, quality inspection service system, supply chain financial service system and a big data information service system.
Rare earths products trading is taking off in the Inner Mongolia autonomous region, thanks to the Baotou Rare Earth Products Exchange. [Photo/repe.com]