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Aug.18.2019 1USD=7.0312RMB
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Feng Xiazong: Development of Steel Futures

//en.steelhome.cn [SteelHome] 2019-05-05 18:35:59

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15th Steel Development Strategy Conference, host by SteelHome, was successfully held in International Convention Center during April 12-14, 2019. Around 1000 delegates from governments, associations, steel mills, miners, traders, research institutes attended the one of biggest events in China steel industry.

8th International Raw Materials Supply Chain Summit, 9th Coal & Coke Development Strategy Conference, 7th China Commodities E-Commerce Summit and 2019 SteelHome Spring Report were simultaneously held.

On the morning of April 14, Feng Xiazong, Senior Manager of Shanghai Futures Exchange, made a speech on "Development of Steel Futures".

Feng Xiazong, Senior Manager, Commodity Dept No.1, Shanghai Futures Exchange

I Steel Futures Operation and Function
1. Shanghai Futures Exchange strives to build a first-class international exchange. Take the lead not only in realizing continuous transaction, but one-way large margin and bonded delivery.

2. Volume of transactions: domestic turnover accounted for 39.7% in 2018.

3.    Rebar futures was traded actively, the average turnover in recent years is equivalent to the national rebar output and apparent consumption of about 30 times.

4. The volume of hot-rolled strip futures has risen steadily since it went public in 2014, with the average turnover in recent years equivalent to about four times the country's production and apparent consumption of hot-rolled sheets in the past few years.

5. Spot, recent month contract and main contract gradually converge.
II
Contract Amendments in 2018

1. Revised contents of wire rod futures

2. Delivery brand re-examination

3. Wire rod futures transactions and holdings improved

4. Future follow-up action

5. Rebar futures revision

6. Revised contents of hot rolled coil futures

III Opportunities and Challenges of Steel Futures

1. The insufficient participation of enterprises and the discontinuity of contracts are the factors that affect the function of steel futures in recent years. The countermeasures are mainly in several aspects, one is to seek policy support. The second is industrial training, which is carried out on a continuous basis. Third, optimize the rule system.

2. Contract for difference, rebar futures and steel index futures should be timely and step-by-step internationalized.


(To contact the reporter on this story: leo.ji@steelhome.cn or 86-555-2238932)
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