According to news reports Wednesday, the CME Group plans to launch a US steel scrap contract this fall, offering hedging opportunities to scrap recyclers, mini mills, and downstream companies that buy long steel products made from scrap.
The new contract will be the exchange's 13th steel and steel raw materials contract; the announcement comes as the CME continues efforts to launch ferrous contracts in China, and a boost in interest and liquidity in its US hot rolled coil contract.