NYMEX plans launch of domestic HRC steel futures contract

Tuesday, 05 August 2008 10:35:56 (GMT+3)   |  
       

The New York Mercantile Exchange, Inc. (NYMEX), a subsidiary of NYMEX Holdings, Inc., announced in a press release on Monday its plans to launch a steel futures contract for domestic steel hot rolled coils (HRC). 

NYMEX plans to introduce the 20 net ton (nt) HRC steel futures contract in the US Midwest region early in the fourth quarter of this year. The 20 nt contract will have a minimum price fluctuation of US$0.50 /nt and will be listed for 18 months consecutively.

The contract will be financially settled against an index developed by a supplier of steel industry information, a subsidiary of CRU International Ltd, CRU Indices Ltd.

The steel futures contract will be available for trading on the CME Globex electronic trading platform, and off-exchange transactions can be submitted for clearing via NYMEX Clearport. 

Richard Schaeffer, NYMEX chairman, commented, "NYMEX's expansion into the steel market is a natural extension of our risk management business and we are pleased to offer a steel futures contract to serve the North American market. Managing price volatility has become a necessity for everyone involved along the steel supply chain and these contracts will assist the US manufacturing industry in dealing with this issue."


Similar articles

Flat steel prices in local Taiwanese market - week 13, 2024

28 Mar | Flats and Slab

US sheet prices tick up modestly ahead of Easter weekend

28 Mar | Flats and Slab

European HRC prices keep falling, demand still shows signs of fatigue

28 Mar | Flats and Slab

Vietnam’s Hoa Phat and Formosa seek AD investigation on Chinese HRC

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

UAE’s HRC market still sluggish, offers from India fall slightly

27 Mar | Flats and Slab

Import HRC prices in Vietnam retreat again due to slump in China

27 Mar | Flats and Slab

Vietnam’s Hoa Phat produces nine millionth mt of HRC

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

HRC consumption in Mexico up 30.6 percent in January

26 Mar | Steel News