OREANDA-NEWS. December 18, 2013. The Chinese Ministry of Industry and Information Technology has announced the establishment of a Timber and Wood Products Spot Trading Platform.

This development has been jointly sponsored by the China Timber and Wood Products Distribution Association (CTWPDA) and the China Forestry Property Exchange Co., Ltd, as ITTO reported.

This trading platform will be open nationally and will provide a comprehensive timber industry service platform integrated with logistics and information trade flows. The platform will also encompass and a trading centre, an information centre and a pricing centre to promote domestic and international market development.

It is anticipated that the new trading platform will reduce transaction costs in the industry. The objective is that the platform will promote the rapid and orderly development of the timber industry across the country.

The platform provides the opportunity for Chinese timber importers to form purchasing alliances to enhance their bargaining abilities so that Chinese companies will have a better negotiating position in the international timber trade.