China Taiyuan Coal Transaction Center launched an annual coal trade conference on Dec 20 in Taiyuan, attracting dealers, coal companies and financial institutions from across China.

During the three-day event, various activities were organized, such as a coal market summit and events for key state-owned coal companies.

The conference also promoted medium and long-term contacts between coal suppliers and purchasers. Several Shanxi coal businesses reached agreements with companies from other provinces at the opening ceremony of the conference, including Shanxi Jinneng Group and Luxi Group in Shandong province.

The conference, with a theme of innovation and transformation, aimed to further the supply-side structural reforms to the coal industry and improve coal marketing patterns by setting up a new market system for the coal trade.

"As a transaction service platform, the center is committed to facilitating the coal trade and reforming the coal industry," said Qu Jianwu, director of China Taiyuan Coal Transaction Center.

Currently, the coal center has some 11,400 registered dealers from across 31 provinces, covering coal, electricity, steel and other industries. Deals for 6.05 billion tons of coal worth 3.09 trillion yuan ($444.77 billion) have been agreed, making the center the coal transaction market with the biggest spot trade volume in China.

Taiyuan coal center will develop a multi-level and diversified transaction system in the future to foster the coal industry and trade in Shanxi.

The 2017 Annual Coal Trade Conference of China Taiyuan Coal Transaction Center opens on Dec 20 in Taiyuan, Shanxi province. [Photo/sxrb.com]