Steel futures likely 'soon'

The Shanghai Futures Exchange (SHFE) has set out its wire rod and rebar futures contracts and formulated guidelines on delivery and risk control, its president said.

"The market conditions are right. It's a good time to launch steel futures trading this year," Yang Maijun, president of SHFE, said at the Far East Steel Conference in Beijing.

Yang, a former director of the China Securities Regulatory Commission, said the regulator is likely to approve the scheme "very soon".