Mr Qi Xiangdong deputy secretary general of China Iron & Steel Association recently said that steel future trading is impossible to be launched in near term, thus dismissing the rumor that was circulated as early as half a year ago that steel future will start trading by end October.

Mr Oj said that in face of upgrading of the US financial crisis, spreading effects on the global economy, increasing uncertainties and yet to be revealed achievement out of the rescue packages, China will take account of the factors of all kinds and unlikely launch the steel future trading in near term.

Mr Li Xuesong a futures expert said that, deferring means to wait for a more stable and appropriate time. Launch of new futures breed would first of all magnify the market sentiment, additionally, futures has a main character leverage effect which has to some extent caused the crisis now.

Mr Qi did not reveal the timetable for launch of steel future trading after the delay.

Analyst said that though it still has a way to go, some companies are already grabbling for customers, setting up offices around the trading centers, publicizing futures knowledge etc. As reported, the potential trading volume is large, which reflects a strong demand for fixing the price and hedging risks of the steel players, but it takes time for the traders to get a comprehensive cognition of the futures.