Steel futures set to debut in Shanghai next year

Trading in China's first steel futures contracts are expected to commence soon, especially after their importance has been singled out by the country's economic planners at a recent meeting to boost domestic economic growth.

Trading of the new contract on Shanghai Futures Exchange (SHFE) would begin shortly after the 2009 Spring Festival, said a source close to the top management of the bourse.

Steel is an essential commodity close to the core of the government's 4 trillion yuan economic revival plan. The stimulus plan is expected to create a massive demand for steel products for construction of public infrastructure such as railways, highways and bridges.