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First SHFE Stainless Steel Future Contract Delivered

Steel News - Published on Fri, 21 Feb 2020

Image Source: reutersmedia.net
China’s Shanghai Futures Exchange said that it hads successfully completed the first physical delivery of its stainless steel futures contract amid supply chain disruptions linked to a coronavirus outbreak in the country. The delivery was of 1,860 tonnes of stainless steel with a contract value of CNY 24.46 million (USD 3.5 million). The companies involved in the settlement are Beibuwan New Materials Co Ltd, Wuxi Taiming New Materials Co Ltd and Xiamen International Trade.

The front-month February 2020 stainless steel contract debuted on the Shanghai exchange last September at CNY 15,575 per tonne. The March contract closed at CNY 13,340 per tonne on Thursday.

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Posted By : Rabi Wangkhem on Fri, 21 Feb 2020
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