Scrap Connection, the electronic platform for physical trading ofcontainerized scrap, listed its first transactions Thursday as it formallylaunched with a ceremony on the trading floor of the Amsterdam StockExchange, a company source said Monday.
The value of the material listed is around $850,000, Chris Yerbey of theplatform told Platts. The platform opened July 2, he said.
He did not comment on the price/mt of the material or the amount ofvolume involved.
The platform initially started with trading of ferrous scrap and willexpand into aluminium in two-three months.
It will handle exports from the US, UK, Netherlands and Belgium going toIndia, Pakistan and Taiwan, with scrap processors and steel/aluminiumfoundries and mills the main clients.
To encourage liquidity the average size of trades will be low in thebeginning.
"Our target is $150,000/transaction in the first couple of months,increasing to $250,000 over the next few months," Yerbey said.
By next year Scrap Connection hopes to reach an annualized transactionvolume of around $250 million.
The platform gets commission on trades, currently equating to around1-2% of monthly transaction volumes.