The Dubai Gold and Commodities Exchange (DGCX) is set to launch a steel futures contract in early May, the Dubai Multi Commodities Centre (DMCC) said in a statement.The Dubai steel contract will be for 10 tonnes of grade W460 reinforcing bar (rebar) of 12 metres. It will be priced in dollars per tonne and deliverable to warehouses in Dubai and possibly Abu Dhabi.The contract's launch has been repeatedly delayed but if DGCX succeeds in launching steel in May, it would win a race between commodity bourses all over the world. At present, the US$500bn steel industry lacks a transparent global benchmark for setting prices.
The London Metal Exchange, through which most of the world's base metals are traded, is planning to have set up futures contracts by the end of this year. Its partner Platts publishes a steel prices index that could form the basis of the contract.The New York Mercantile Exchange is also working on a futures contract and late last year it signed a letter of intent to offer consultancy World Steel Dynamics' SteelBenchmarker pricing series on the exchange. The Shanghai Futures Exchange is also looking at contracts for rebar and steel wire.The DGCX successfully launched trading with Gold as both their first and flagship contract and currently lists gold, silver, fuel oil and three currency contracts - the Euro, Japanese Yen and Pound Sterling against the US Dollar. Continue to the full story from Source.
The London Metal Exchange, through which most of the world's base metals are traded, is planning to have set up futures contracts by the end of this year. Its partner Platts publishes a steel prices index that could form the basis of the contract.The New York Mercantile Exchange is also working on a futures contract and late last year it signed a letter of intent to offer consultancy World Steel Dynamics' SteelBenchmarker pricing series on the exchange. The Shanghai Futures Exchange is also looking at contracts for rebar and steel wire.The DGCX successfully launched trading with Gold as both their first and flagship contract and currently lists gold, silver, fuel oil and three currency contracts - the Euro, Japanese Yen and Pound Sterling against the US Dollar. Continue to the full story from Source.
No comments:
Post a Comment