Singapore (Platts)--23Mar2011/239 am EDT/639 GMT
The China Securities Regulatory Commission has given its approval for the Dalian Commodity Exchange to list metallurgical coke futures, the commission said on its website Tuesday. The launch date for the contract will be determined by the exchange, the commission said in a March 18 statement. The trading unit of each contract is 100 mt and is to be settled through physical delivery to approved warehouses. Twelve monthly contracts will be offered and price movements are allowed at Yuan 1/mt, the statement said. Coke, derived from coking coal, is used as fuel and a reducing agent for iron ore in blast furnaces to make steel. China produced 387.6 million mt of coke in 2010, according to National Bureau of Statistics data. Besides coke, the other steel-related futures in China are rebar and wire rod contracts on the Shanghai Futures Exchange. --Keith Tan, keith_tan@platts.comSimilar stories appear in Metals Week. See more information at http://www.platts.com/Products/metalsweek