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Nasdaq Futures launches shredded steel scrap futures

Steel News - Published on Fri, 19 Jan 2018

Image Source: marketwatch.com
Nasdaq has welcomed the addition of Midwest U.S. Shredded Steel Scrap on Nasdaq Futures (NFX) in December 2017. The NFX Midwest US Shredded Steel Scrap contract is an effective risk management tool providing US steel companies, scrap dealers, steel consumers and financial institutions with an efficient instrument to handle price volatility exposure while introducing a high level of price transparency to the marketplace.

The cash-settled NFX Midwest US Shredded Steel Scrap contract is based on the AMM Midwest US shredded Steel Scrap Index.

Steel scrap is a global commodity and the most recycled material worldwide. According to the United States Geological Survey, apparent consumption of ferrous scrap in the United States in 2016 was estimated at 63 million metric tons. In addition, US exporters sold 12 million tons into the 90 million ton global export market the same year.

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Posted By : Nanda Koijam on Fri, 19 Jan 2018
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