The new contract is based on WSD's SteelBenchmarker index. Twice each month, steel mills, traders, distributors and steel users in the United States, western Europe, and those who buy or sell steel internationally, provide their confidential opinions to the SteelBenchmarker system on the spot price for near–term delivery to the mid-sized buyer. Final settlement day will be the fourth Wednesday of the current contract month.
"We see a great market for steel futures contracts in the steel industry. Price volatility has increased in the steel market, and futures contracts will enable end-users and producers to lock in prices and margins,” said Peter Marcus, WSD managing partner.