Missing links
Steel is by far the biggest global metal market, but it has proved tricky to create a derivatives market for it. Two exchanges have sought to remedy that, but will their new futures contracts take off? By Rahul Jhaveri
Steel market participants have long cited a need for derivatives to manage price volatility - and finally their calls have been answered. The London Metal Exchange (LME) and Dubai Gold & Commodities Exchange (DGCX) have launched steel futures contracts, which started trading in April 2008 and October 2007, respectively. It is still early days, but the industry is debating whether it can expect to see liquidity any time soon.
"We already have consumers asking us why we didn't have steel futures
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