Nymex mulls international steel futures contract

Dec 05, 2007 | 08:42 AM |

The New York Mercantile Exchange is mulling launching an international as well as a U.S. steel futures contract, Richard Schaeffer, Nymex chairman, said Wednesday.

Nymex is "very excited" about the possible launch of steel contracts and will look at "global alternatives" as well as the U.S. domestic market, Schaeffer said at a news conference, adding that steel is attractive to the exchange because it is "the biggest metal traded worldwide" and because of the price volatility.

Schaeffer's announcement comes the day after one of his executives, marketing manager James Oliver, said Nymex's domestic cash-settled futures contract for hot-rolled coil is unlikely to be launched until early next year. Nymex originally said it was planning to launch its steel contract by the end of this year.....

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