Some say aye, some nay, and others just don’t know
Aug 01, 2007 | 02:35 PM
The debate over steel futures is creating a ruckus in what is usually a quiet season. Amidst it all, a voice has emerged asking for help in understanding what these contracts really mean for his business.
PITTSBURGH — The future of steel futures remains a hot topic in the global steel industry, with opposing camps both secure in their beliefs—one that futures contracts are necessary and will work to reduce volatility, and the other just as certain that futures are not needed and will not work.
But a third camp is beginning to emerge. Whether or not futures will work is a secondary question; their primary question is whether or not those with steel interests even understand the nuances of the concept in the first place.
Global steel producers for the most part remain opposed to the introduction of steel futures contracts. They say the issue of price volatility is being made moot by rapid industry consolidation and the newfound ability of the remaining steelmakers to manage supply to meet demand.....
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