The new steel contracts on the Shanghai Futures Exchange have been well received on their first day of trading today (Friday March 27).
September Steel Reinforcing Bar Futures opened up 4.4% at Rmb3,550 ($519.60) a tonne, with trading volume of the front month contract topping 50,000 contracts in the first hour, according to Reuters. Each contract is for 10 tonnes so that means a staggering 500,000 tonnes...