Chang Depeng, spokesman of the China Securities Regulatory Commission (CSRC), stated at a press conference on August 30 that the CSRC has approved the trading of stainless steel futures, which will be listed for trading at Shanghai Futures Exchange (SHFE) on September 25 this year. This will mark the first trading of stainless steel futures contracts in the world.
In 2018, China achieved a stainless steel output of 26.71 million mt and was the world’s biggest producer and consumer of stainless steel, while it plays a key role in the global stainless steel market.
Mr. Chang stated that the launch of the world's first stainless steel futures will help promote the formation of an open and fair pricing mechanism, further enhance the influence of China's pricing in the international stainless steel market, and provide the relevant industrial chain enterprises with price risk management tools.