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Shanghai debuts new steel futures product today
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Shanghai’s hot-rolled coil steel futures made their debut today, adding to existing steel-related contracts in China, the world’s largest steelmaker.
HRC steel is a flat steel product that can be used in white goods, cars and ships. Prices typically fluctuate widely, triggering demand from producers, traders and users for a hedging tool. The Singapore Exchange debuted its HRC steel futures and swaps last month.
Baoshan Iron & Steel Co President Dai Zhihao said HRC is a basic steel product and the futures will allow the company to better hedge against price risks.
On the Shanghai Futures Exchange, the most-traded HRC contract for October delivery closed at 3,324 yuan (US$533.80) per ton, little changed from the base price of 3,316 yuan.
The Shanghai bourse, which introduced steel rebar and wire rod futures in 2009, expects the new HRC steel fu-tures to improve China’s say on pricing in the global steel market. The Dalian Commodity Exchange last year also introduced iron ore futures and coking coal futures, both used as ingredients in steel making.
Shanghai’s rebar is now the world’s most liquid steel futures, but restrictions on foreign participation have lim-ited its global influence for now.
China has vowed to gradually open up its commodities futures market, with the Shanghai exchange’s proposed crude futures to be the first product available to overseas investors.
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