Soft debut for new coil steel futures
Print Edition
SHANGHAI’S hot-rolled coil steel futures closed little changed after debuting yesterday, offering investors another steel-related contract to trade in China, the world’s largest steelmaker.
The most-traded HRC contract for October delivery closed at 3,324 yuan (US$534) per ton on the Shanghai Futures Exchange, little changed from the base price of 3,316 yuan.
Baoshan Iron and Steel Co’s President Dai Zhihao said HRC is a basic steel product and the futures will allow the company to better hedge against price risks.
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.
The Shanghai bourse, which introduced steel rebar and wire rod futures in 2009, expects the new HRC steel futures to enhance China’s voice on pricing in the global steel market.
The Dalian Commodity Exchange last year also unveiled iron ore futures and coking coal futures, both used as ingredients in steelmaking.
Shanghai’s rebar is now the world’s most liquid steel futures but restrictions on foreign investment have limited its global reach.
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