CME Group Announces Multiple Ferrous Metals Volume Records
CHICAGO, Nov. 7, 2013
CHICAGO, Nov. 7, 2013 /PRNewswire/ -- CME Group, the world's leading and most
diverse derivatives marketplace, announced it reached monthly volume records
in its U.S. Midwest Domestic Hot-Rolled Coil Steel (CRU) Index futures and
Iron Ore 62% Fe, CFR China (TSI) futures contracts in October. These contracts
are listed by and subject to the rules of NYMEX.
During the month of October, U.S. Midwest Domestic Hot-Rolled Coil (HRC) Steel
Index futures set a monthly volume record of 8,033 contracts, which surpassed
the previous record of 6,872 contracts set in April 2013. Since the start of
the year, combined futures and options on the U.S. Midwest Domestic Hot-Rolled
Coil Steel Index have traded more than 55,714 contracts, which is equivalent
to nearly 1.1 million short tons of steel.
Additionally, Iron Ore 62% Fe, CFR China (TSI) futures traded a record 3,404
contracts during the month of October, surpassing the previous record of 2,837
contracts set in July 2013. This is the equivalent of more than 1.7 million
metric tons in the past month.
"Record trading in ferrous metals like HRC steel and iron ore futures played a
role in the growth of our overall metals complex volumes during the month of
October," said Harriet Hunnable, Managing Director, Metals Products, CME
Group. "We're seeing greater participation by commercial participants, added
liquidity on our CME Globex electronic trading platform and strong open
interest in these markets as customers become more comfortable with our
Virtual Steel Mill of risk management products."
Introduced in 2008, U.S. Midwest Domestic Hot-Rolled Coil (HRC) Steel Index
futures were the first of CME Group's Virtual Steel Mill suite of ferrous
"Recent price volatility and greater disparity between domestic and foreign
steel prices has resulted in more hedging of imports by commercial consumers
of steel," said Jeremy Flack, Founder and President of Flack Steel. "Liquidity
is building in CME Group's steel and iron ore futures as more participants,
especially service centers, step up to the plate and recognize there are
hedging and arbitrage opportunities available. We're especially encouraged by
the growth of steel options, which is another sign of a healthy and liquid
In a recent blog post, CME Group highlighted additional factors contributing
to the growth of its ferrous metals products and published an infographic that
demonstrates how its Virtual Steel Mill of risk management products aligns
with the steel supply chain.
As the world's leading and most diverse derivatives marketplace, CME Group
(www.cmegroup.com) is where the world comes to manage risk. CME Group
exchanges offer the widest range of global benchmark products across all major
asset classes, including futures and options based on interest rates, equity
indexes, foreign exchange, energy, agricultural commodities, metals, weather
and real estate.CME Group brings buyers and sellers together through its CME
Globex^® electronic trading platform and its trading facilities in New York
and Chicago. CME Group also operates CME Clearing, one of the world's leading
central counterparty clearing providers, which offers clearing and settlement
services across asset classes for exchange-traded contracts and
over-the-counter derivatives transactions. These products and services ensure
that businesses everywhere can substantially mitigate counterparty credit
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SOURCE CME Group
Contact: Media, Chris Grams, +1.312.930.3435 or Damon Leavell,
+1.212.299.2547, firstname.lastname@example.org, www.cmegroup.mediaroom.com or Investors,
John Peschier, +1.312.930.8491
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