Yantai Port of Shandong Port Group (SPG) recently gained approval from Dalian Commodity Exchange to emerge as a designated vehicle-board delivery site for log futures, dubbed the first qualified port to engage in trading of log futures in the Yantai-Weihai region.

The achievement represents a vivid practice of SPG in strengthening strategic layout and advancing regional coordinated industrial development. It will further promote the deep integration of the wood industry and futures market, thereby providing integrated supply chain services and solid logistics support for the development of the regional wood industry.

In recent years, Yantai Port has eyed the development trends of log, continuously expanded its presence in the log market and comprehensively extended its service chain, as part of efforts to enhance core competitiveness of the wood import business.

To accurately understand the demands of surrounding wood manufacturing enterprises and customers, Yantai Port has launched and approved the first supervision site for log imports in the Yantai-Weihai region. The site provides integrated and whole-process services encompassing cargo clearance and quarantine, commerce logistics, supervised warehouse finance and wood processing. This can effectively help customers shorten sales cycle and reduce comprehensive costs.

Moving ahead, Yantai Port will fully tap into its advantages as a supervision site for log imports and a designated vehicle-board delivery site for log futures. Based on the development trends of the log industry and relying on the coordinated development of ports and industries, Yantai Port will develop new types of businesses and models for the log industry and further expand the market share of logs. The aim is to boost the development of the port-adjacent wood industry.

At Yantai Port, logs are lifted as cargo. [Photo provided to chinadaily.com.cn]