Welcome to the forum,
What you have there is a disc detainer lock, mainly a knock off of Abloy's famous design. Imagine your high school locker's Master lock where you had to dial Left-Right-Left in order to move the 3 wheels inside so the cut out on the wheels aligned with each other and then you could pull the shackle up? These locks use 7 to 14 wheels and the key turns them all x degrees, depending on the angle of the cut on the key. You need a very good understanding in order to pick these locks and normal lock picks wont be able to, but your disc detainer lock is a made in china knock off, so with some special tools you can probably open that lock. I do believe at this point talking about how to pick or decode these types of locks is still off limits in the public area, but I'll at least link you to some videos and articles that show how these things work inside.
Abloy lock animation:
http://www.youtube.com/watch?v=wyB7DFtV ... re=relateddeal extreme dot com sells a detainer pick, it may not fill the opening of some locks, but special tools do exist:
http://www.youtube.com/watch?v=QiPDXWHHL6USome very detailed papers written by Han Fey about Abloy locks and their family of products:
http://toool.nl/Articles_by_Han_FeyEnjoy!
Squelchtone