Dubai Gold & Commodities Exchange (DGCX) has announced the approval of three Turkish steel producers for its upcoming steel rebar futures contracts which are due to be launched on October 29, 2007.
Accordingly, the new additional group of approved steelmakers includes major Turkish producers Izmir Demir Celik Sanayi AS, Ekinciler Iron & Steelworks Inc. and Diler Iron and Steel Co. Inc.
As previously reported by SteelOrbis, the steel producers which initially received approval for the steel futures contracts in question were Al Tuwairqi Group (Al Ittefaq Steel Products) and Sabic Steel (Hadeed) from Saudi Arabia, in addition to Qatar-based Qatar Steel.
Commenting on the futures contracts initiative, DGCX director Ahmed Bin Sulayem said, "As the Middle East's first commodity derivatives exchange, DGCX is committed to the development of futures trade. Since its inception, the exchange has brought some of the most innovative products to the region, enhancing value for investors and adding depth to the overall derivatives market. The steel rebar futures contract will be another first for DGCX. The listing of approved producers for steel is aimed at maximizing transparency and standardization of product quality".