(Yicai Global) Dec. 6 -- China, the biggest global producer and exporter of sodium carbonate, has listed the world's first soda ash futures to meet local firms' demand for hedging tools.

The Zhengzhou Commodity Exchange has started trading seven sodium contracts with a base price of CNY1,530 (USD217) per ton, the marketplace told Yicai Global at the opening ceremony today. Each lot is 20 tons. 

Last year, China produced 27 million tons of the water-soluble mineral used in building materials, medicine, and textiles. The country used up nearly all of it. It exported 1.4 million tons with an output value of nearly CNY50 billion (USD7.1 billion). 

China's soda ash industry is in a critical period of transformation and upgrading, Li Bin, vice president of the China Petroleum and Chemical Industry Federation, told Yicai Global. Price fluctuations were as high as 30 percent last year due to changes in supply and demand, as well as environmental protection policies, so industry alliances have requested more derivates to hedge with, Li added. 

Zhengzhou's sodium futures can help producers to plan ahead and settle prices to lock in profits, Li added. 

Editor: Emmi Laine