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SHFE to cut minimum price tick of hot-rolled coil futures to RMB1/t

BEIJING
2015-04-23 08:49

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The Shanghai Futures Exchange (SHFE) said on late Wednesday that it will cut minimum price tick of hot-rolled coil futures contract to 1 yuan/metric ton (tonne) from 2 yuan/tonne, effective from the night trading on April 27. Since last year, with the slowdown in China's economic growth, oversupplies in the domestic iron ore and steel sectors have continued, driving down prices of steel futures.

The price of hot-rolled coil futures has fallen by nearly 30 percent from its debut of 3,324 yuan/tonne to 2,380 yuan/tonne at present. The previous 2 yuan/tonne of minimum price tick is relatively high compared to the hot-rolled coil price, leading to high transaction costs. The cut will help optimize market efficiency and structure, and enhance activeness, said the SHFE.

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