Posted on 04 Aug 2023
The state-backed China Iron and Steel Association (CISA) has proposed cancelling the night trading of futures products, according to an update on the association’s WeChat account.
Although it did not give an explicit reason, the proposal follows a study on the market impact of futures on the steel industry and how to improve the mechanism by which market prices are formed.
The association also proposed the prudent promotion of new product launches and the enhancement of the joint supervision of both the spot and futures markets.
The CISA said it had asked three state bodies and nine steel mills to conduct the analysis on nine launched futures products, including iron ore and rebar.
It said Jiang Wei, the association’s vice chairman and secretary general, had spoken to association members about the proposal last week.
Source:Reuters
