Steel futures shine in Shanghai debut


The Shanghai Futures Exchange launched trading in steel futures on March 27 with a wide range of trading houses supporting two new contracts - the seventh and eighth products to be traded on the exchange in its 10-year history.

The exchange is offering futures contracts with steel wire rod and reinforcing steel bars (rebars) as the underlyings. There will be seven tenors offered on both products for delivery from September 2009 to March 2010.

Trading in the rebar contracts was opened at 3,399 re