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Shanghai Futures Exchange Launches Stainless Steel Futures-The 21st China(Guangzhou)Int'l Stainless Steel Industry Exhibition
10/2/2019 - Stainless Steel Exhibition |
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China on Wednesday started the trading of yuan-denominated stainless steel futures, the first of its kind worldwide targeting the material widely used in transportation, environmental protection and medical industries. The listed futures at the Shanghai Futures Exchange are eight contracts to be delivered from February to September of 2020. Their benchmark prices were set at CNY 15,585 (USD 2,204) a tonne. On the first day of trading, the futures settled a trading volume of 195,240 lots with a turnover of about CNY 15.2 billion (USD 2.15 billion). The most active ss2002 contract for February 2020 delivery edged down CNY 10 to close at CNY 15,575 per tonne in daytime trading.
r Jiang Yan, chairman of the Shanghai Futures Exchange, said “The launch of the stainless steel futures helps provide an open, continuous and transparent price signal and an effective risk management tool for companies in the industrial chain. It also will help enhance the price-setting power of the country, the world''s largest stainless steel producer and consumer, in the global stainless steel market.”
China witnessed a rapid growing stainless steel industry, with its production reaching 26.7 million tonnes in 2018, accounting for over half of the global output. The country became a net stainless steel exporter in 2010, reversing from the world''s largest importer.
不锈钢展-2020第二十一届广州国际不锈钢工业展-效果最好的不锈钢展会-The 21st China(Guangzhou)Int''l Stainless Steel Industry Exhibition
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