Nymex, in turnabout, might utilize CRU for steel futures

Jun 24, 2008 | 04:57 PM | Sean Barry

The New York Mercantile Exchange is gearing up to launch a revamped version of its much-delayed steel futures contract using CRU International Ltd.'s steel price index, trade sources said.

The exchange is expected to roll out the hot-rolled band contract in the fall and is currently drawing up specifications.

"Most of the physical market uses the CRU pricing index. Nymex has been looking to use something that the industry is very familiar with," a source said, adding that the exchange's representatives from have been visiting mills to get feedback on the plan.....

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