SSY Futures Ltd., a unit of the world’s second-largest shipbroker, said it will start brokering steel swaps as the market for iron-ore derivatives expands.
SSY is adding staff in London and Singapore and will cover swaps on U.S. and European hot-rolled coil, steel billet and reinforcement bars, the company said in an e-mailed statement yesterday. The Singapore Exchange (SGX), the largest clearer of iron- ore contracts, handled swaps totaling 17.7 million metric tons in September, compared with a monthly average of 7.2 million tons last year, SSY said.
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