According to published reports the Central Japan Commodity Exchange is set to list iron scrap for the first time in the world and begin futures trading on Oct. 11.
With the contract size set at 20 tons, scrap recyclers, trading houses and other market participants will buy and sell scrap produced in such industrial processes as stamping work at automobile factories, according to the C-COM.
C-COM decided to list iron scrap in response to growing calls for a mechanism to stabilize its price as China's rapid economic growth may send it soaring, C-COM officials said.
The bourse, established in 1996, provides investors with a liquid market for oil products as well as egg contracts for the livestock industry for hedging the risks of price fluctuations and opportunities for investment.
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