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PrintChina is expected to announce the timetable for debuting of steels futures after traditional Chinese New Year festival, and it may list the product for trade between April and May, revealed a senior manager with Shanghai Futures Exchange (SHFE) to the China Business Daily.
The source got the information from a recent seminar concerning measures on listing copper options, held by SHFE. He also said deformed bar rather than wires would be launched first.
Gao Zhu, vice general manager of Minmetals Development Co., Ltd. said that SHFE had asked for suggestions from related companies on listing of steels futures, and related examination and approval procedures have come to an end.
But Gao suggested deformed bar and wires should be put on market at the same time.
The early second quarter will embrace construction rush as well as peak demand for building materials, noted Li Shengjun, an official with Shanghai Steel Electronic Exchange Market.
Li said it would take one to two months for SHFE to select delivery storehouse and conduct market promotion. But SHFE is likely to list steels futures before the second quarter in reference to its unexpected listing of gold futures at the beginning of last year, added Li.
Luo Bingsheng, vice chairman of the China Iron and Steel Association (CISA), had estimated in early August last year that steels futures would be listed after 2008 Olympic Games, and not later than the yearend.
However, steels futures haven't come out yet, mainly due to worsening financial storm since September last year, explained Luo in a recent conference on outlook of China's steel market.
According to the trade data on China's largest steels electronic market, Shanghai Steel Exchange Center, its main trading category, hot rolled coils contract for three month delivery, had dived from 5,708 yuan/ton in early July last year to 2,651 yuan/ton in mid November.
Currently, the price picked up to around 3,700 yuan/ton, upon news about steel plants' production cut and the government's support for export.
For the steel traders participating in electronic exchange market, they staved off risks brought by price slip last year when other large steel plants suffered great losses.
Now steel and futures industries look forward to steels futures which are more efficient in hedging risk than electronic trading.
(www.chinamining.org)
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