August 29, 2008

NYMEX expects steel futures launch in 2008

Reuters reported that the New York Mercantile Exchange is going ahead with its steel futures plan and anticipates to launch the contracts this year.

Mr Robert Levin senior VP of NYMEX said that "We are going ahead with this full steam. We anticipate having steel futures launch for trading this year and we'll be making announcements very soon.”

There was speculation NYMEX might have suspended or dumped its plans to launch steel futures after the CME Group's bid to takeover the Exchange.