New coal products to be traded online

The Northeast Asia Energy Trade Center in Dalian, Liaoning province, said on Tuesday that it will start selling steam coal, coking coal, 1/3 coking coal and graphite futures through an e-commerce platform.

China is the world's largest producer and consumer of coal, with the mineral accounting for 70 percent of the country's primary energy consumption. The introduction of coal spot trading is expected to improve national energy security.

The trading platform has signed strategic cooperation agreements with a number of banks and can offer a wide variety of financial services, including financial guarantees, pledges of warehouse receipts, inventory pledges and e-commerce drafts.