Chongqing Iron & Steel (Group) has completed phase one of its new logistics base in the city of Jingjiang, Jiangsu province. The company hopes that the base, when completed, will cut its transport costs by more than 10 per cent.

The Rmb1.37bn base will be involved in port logistics, processing and the dispatch of steel materials. It will cover an area of 40 hectares, contain seven berths and have an annual throughput of 10m tons.

The company will use the base to provide faster deliveries of steel for coastal areas and to store imports of iron and steel from countries such as Brazil and Australia before they are shipped on the Yangtze to Chongqing.