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Butter enters trading market in Qingdao FTZ

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chinadaily.com.cn|Updated: March 3, 2022

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The Shandong International Bulk Commodity Trading Market is located in the China (Shandong) Pilot Free Trade Zone (FTZ) Qingdao Area. [Photo/WeChat ID: qdxihaianfabu]

Butter officially entered Shandong International Bulk Commodity Trading Market in the China (Shandong) Pilot Free Trade Zone (FTZ) Qingdao Area on Feb 28, which filled the gap in the online trading of butter in the domestic market.

The trading of butter on the market not only stipulated delivery quality standards, but also helped butter enterprises in China to effectively realize price discovery and avoid price risk.

The Shandong International Bulk Commodity Trading Market aims to provide an open, fair and equitable online trading platform for dairy production, consumption and trading enterprises in China, and even in the Asia-Pacific region. On this platform, China, a major importer of butter, is expected to get more say in butter prices.

Recently, 53.1 metric tons of butter produced in the Netherlands has been cleared from the Qingdao Port and entered the bulk commodity delivery warehouse. This year, the import volume of butter is expected to reach nearly 10,000 metric tons, generating over 37 million yuan ($5.86 million) of tax revenue in the Qingdao FTZ. 

The Qingdao FTZ, which is located in the Qingdao West Coast New Area, boasts key bulk commodity distribution centers in China. Since its launch online in June last year, the Shandong International Bulk Commodity Trading Market has registered a cumulative spot transaction volume of over 30 billion yuan.

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The China (Shandong) Pilot Free Trade Zone (FTZ) Qingdao Area is located in the Qingdao West Coast New Area. [Photo/WeChat ID: qdxihaianfabu]

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