Nod for steel futures
Print Edition
THE Shanghai Futures Exchange has regulatory approval to trade contracts in hot-rolled coil steel.
The Shanghai bourse said yesterday the new contract, whose approval was given by the China Securities Regulatory Commission on Friday, will enhance China’s voice on pricing in the global steel market.
China has the world’s largest steel capacity but overcapacity and low profitability have weighed on the industry for years.
The exchange said a launch date for the HRC steel futures will depend on market conditions and the progress in preparation.
HRC steel, the third steel futures product on the Shanghai Futures Exchange, is a flat steel product that is used in white goods, cars and ships. Prices typically fluctuate widely, triggering demand from producers, traders and users for a hedging tool. In 2009 the exchange launched rebar and wire rod contracts.
Shanghai’s rebar is now the world’s most liquid steel futures.
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