Jiang Yan, director-general of the Shanghai Futures Exchange (SHFE), has stated on the International Iron and Steel Financial Derivatives Conference held in Pudong, Shanghai that the SHFE will step up its studies for the development of futures contracts for additional ferrous metal products, including stainless steel, cold rolled sheet, medium plate and scrap, in order to expand the range of safety tools for the steel market. Mr. Jiang stated that in 2009 the SHFE had inaugurated its ferrous metals futures contracts, helping the steel industry to boost supply-side structural reform.
The total turnover of the SHFE amounted to RMB 84.98 trillion ($12.5 trillion) in 2016 - ranking first among futures exchanges worldwide - with the turnover for ferrous metals futures amounting to RMB 22.99 trillion ($3.38 trillion), accounting for 27.05 percent of the SHFE’s total turnover in the given year.