The Northeast Asia Coal Exchange Center was officially established on Tuesday in Dalian, a coastal city in Liaoning province.

A total of 15 companies have become members of the center, including Tader Coal Scm Co Ltd , a leading coal supply chain management enterprise in China, and Kailuan Group, a State-owned coal company and a Russian company.

In addition, Bank of China and Bank of Communications have also become members of the center, and will provide settlement for trading at the center.

The center estimates that coal trading volume may hit 50 million tons in the second half of this year, according to Cui Wei, vice president of this center.

Cui also said the center will publish a coal price index, based on market-oriented coal trading there. Coal prices used to be controlled by the government.

Steam coal now is the main trading product at the center.