Internet steel portal shows its metal as $200m processed
Steel exchange portal iSteel Asia.com has made trades worth up to $200 million since its launch in November.
'As of this month, the Web site has already conducted more than a dozen trades,' iSteelAsia chief executive Andrew Yao Cho-fai said.
He declined to disclose how much the deals generated for the company, saying only that the site received commissions of 0.2 per cent to 0.875 per cent from each transaction.
Mr Yao said the site was talking to several banks to secure on-line credit payment services. At present, all transactions are settled via letters of credit issued by banks.
The company has about 900 registered users.
Mr Yao said the site was the only working steel-trading site in Hong Kong, although two competing portals were launched during the past two months.
'We are already here and executing transactions now,' he said.
Last month, SAR-listed metal trader WellNet Holdings lined up three partners and 20 industry players to develop a metal exchange portal.
Listed Asia Aluminum Holdings said last week it had teamed up with the Shanghai futures exchange and the Industrial and Commercial Bank of China for its proposed metal exchange site.
ISteelAsia.com has applied for a Growth Enterprise Market listing.