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Futures trade crosses final hurdle

By Wang Ying (China Daily)
Updated: 2009-02-20 08:01

A worker walks past new rolls of steel sheets at an iron & steel plant in Ma'anshan, Anhui province in eastern China. [Agencies]

The China Securities Regulatory Commission (CSRC) yesterday gave its final nod to steel futures trading.

Related readings:  China steel prices fall for 2nd week on poor demand  China seeks slimmer, more efficient steel sector  China's steel exports drop 5.5% in 2008

The CSRC said in its website yesterday that it has permitted the Shanghai Futures Exchange (SHFE) to launch steel wire and deformed steel bar contracts.

As early as next month, two contracts on steel futures are likely to get listed on the SHFE, sources said. Zhou Tao, an analyst with Sinolink Securities, told China Daily that the steel futures may debut on March 9.

"Copper and aluminum futures have played a great part in cushioning the wild swing of commodity prices in the spot market. Similarly, steel enterprises can benefit from steel futures as it will help in formulating the final price and act as a hedge against risk," the CSRC said.

The regulator said it chose steel wire and deformed steel bar contracts as they comply with the technological requirements.

"Unlike steel sheets and plates, these two steel products are the most representative varieties and it is easy to follow standards," Shi Hai, an analyst with Shanghai Tonglian Futures Brokerage Co Ltd, said.

When contacted by China Daily, an official from the SHFE, who did not wish to be named, confirmed that steel futures was well under way and that draft contracts would be released for public inputs soon. She did not, however, provide any details.

Analysts said it is an opportune time for steel futures considering China's growing prowess in the global steel market, both as a producer and exporter.

"Steel futures will serve as a shelter for domestic steel dealers as they can lock the price beforehand against future price fluctuations," said Shi.

"In addition, once steel futures are traded, it would offer an additional investment opportunity for domestic players. With more players joining in, including hedgers and speculators, the market will become more active," Shi noted.

According to Zhou Tao, steel mills specialized in steel wire and deformed steel bars, such as Xinjiang Ba Yi Iron & Steel, Tangsteel, Shougang, and Masteel will benefit the most as they can haul in extra orders through the registered status.

However, Zhou said other steel dealers in the industry chain can also benefit from the move.

"The futures market has a function of forecasting the spot market, and it facilitates price formulation and makes the market more efficient," Zhou said.

China had launched steel futures in Suzhou Commodities Exchange between March 1993 and September 1995.

Owing to various reasons, such as immature market operation and administrative oversight, trading was stopped. Since 2004, several nations, such as the UAE, Japan, US, UK and India have all launched steel futures.