Nymex launches Midwest U.S. contract for hot-rolled sheet in coil

摘要

After an ownership change and months of uncertainty and indecision, the New York Mercantile Exchange (Nymex) now plans to introduce a futures contract based on prevailing market prices for hot-rolled steel coil in the Midwest early in the fourth quarter of 2008. However, instead of using existing domestic sources of steel prices, the subsidiary of CME Group of Chicago has decision to settle,contracts against an index developed by a new CRU Indices subsidiary of the London-based CRU International metals consultancy.