Shanghai steel futures begin trading

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

Trading in the rebar contracts was opened at 3,399 renminbi ($498) for all seven tenors, and trade in steel wire rod opened at 3,199 renminbi for all seven tenors. Each contract represents 10 tonnes of the underlying.

Rebar for September delivery (rb09) closed up 162 renminbi at 3,5