Nasdaq futures trading Midwest US shredded scrap on NFX

Friday, 11 November 2016 18:13:09 (GMT+3)   |   San Diego
       

The Nasdaq Futures Exchange (NFX) expects to start trading in the Midwest US shredded scrap index futures in the first half of 2017.  The contract will trade in 20 gross ton units with the prices settled on the 11th day of each month against the TSI Midwest US Shredded Scrap Index.

The shredded scrap futures will be the cornerstone for a suite of NFX ferrous products. At least three market makers will be making prices for the steel scrap contract on day one. The NFX is open for trading 22 hours a day from Sunday at 7:00 PM through Friday at 5:00 PM (NY time).  

NFX shredded futures are expected to provide an effective price-risk management tool for the 50-60 million mt of annual US scrap consumption, over 90 million mt of annual global scrap trading, and over 200 million mt of non-Chinese steel product output each year, whose price is impacted by changes in steel scrap price. Additionally, anticipated upticks in Chinese steel scrap export tonnages in the upcoming years are expected to have a positive impact on steel scrap futures trading.


Similar articles

Mexican domestic scrap prices

28 Mar | Scrap & Raw Materials

Carbon and stainless scrap prices in Taiwanese domestic market - week 13, 2024

28 Mar | Scrap & Raw Materials

Turkey’s deep sea scrap prices stabilize at $385-390/mt CFR

28 Mar | Scrap & Raw Materials

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

US scrap market still expecting sideways pricing in April

27 Mar | Scrap & Raw Materials

Ex-US deep sea scrap prices to Turkey increase, ex-EU prices relatively stable

27 Mar | Scrap & Raw Materials

Downtrend reverses in Pakistan’s import scrap segment

27 Mar | Scrap & Raw Materials

Average local Chinese scrap prices rise amid tight supply after previous decreases

27 Mar | Scrap & Raw Materials

Import scrap prices in India move up, but low bids prevent deals

27 Mar | Scrap & Raw Materials

Baltic countries and Czech Republic seek EU ban on ex-Russia scrap imports

27 Mar | Steel News