Economics
Scrap-Steel Futures Debut on CME as Demand Gains 24% Since ’09
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CME Group Inc., the owner of the world’s biggest futures exchange, is betting that a surge in demand for recycled steel and price swings will drive trading in its new scrap futures.
The contract will be the first ferrous-scrap futures available to the U.S. steel industry, according to Chicago-based CME Group. The market opened yesterday on the company’s Globex electronic platform. It will complement hot-rolled coil steel derivatives that the exchange already offers, said Youngjin Chang, the director of metals research and product development at CME Group.