THE Shanghai United Steel Exchange and the Shanghai United Mining Right Exchange were officially launched yesterday as part of the city's plan to strengthen its influence in commodity trading.

The steel bourse will provide a trade platform for products like steel scrap, iron ore, ferroalloy and pig iron. The mining exchange aims to provide a platform for Chinese firms seeking mining resources globally. A number of mining right projects in countries including Mongolia, Australia and Ghana have been listed on the exchange, according to Xinhua.

Both the steel and the mining bourses are sponsored by the Shanghai Environment Energy Exchange, which is backed by China's biggest property exchange, the Shanghai United Assets and Equity Exchange.