The Baotou Rare Earth Products Exchange -- or the REPE -- saw its trading volumes rocket to 208.56 billion yuan ($30.09 billion) in 2019, representing year-on-year growth of 102.17 percent, according to local media reports.

To up the tempo in its warehousing and logistics -- in addition to its two newly designated delivery warehouses in Shanghai and Ningbo in Zhejiang province -- the REPE also established three delivery warehouses at Beifang Rare Earth Group Technology Co and China Rare Earth Co.

Officials said 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 inspections, financing and big data services.

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.