Baowu, Shanghai Futures Exchange sign deal on metal trading

A strategic collaborative agreement was reached between China Baowu Steel Group and the Shanghai Futures Exchange on Tuesday to make spot transactions and futures trading of metal accessible at both of their trading platforms, senior executives of the two companies said.

The agreement will establish a multi-level commodity trading market system and win China more of a say in the pricing of metals which the country consumes in significant quantities, the senior executives said.

The Shanghai Steel Exchange under China Baowu will work closely with the steel futures trading platform under the Shanghai Stock Exchange to launch spot and futures trading in metals.