SHANGHAI, Mar. 7 (SMM) – Shanghai Futures Exchange (SHFE) launched mock trading of hot-rolled coil (HRC) steel futures contract today.

Benchmark price for listing the contract is set at 3,360 yuan ($548) per tonne, trading margins 6% of contract value, daily limit ups and downs 4% after 8% for today, the exchange said in a press release.

Minimum trading unit is 10 tonnes per lot with tick value being 2 yuan per tonne, the statement said, adding the exchange charges a transaction fee of 0.00008% for the mock period

HRC is used mainly to produce sheet metal or simple cross sections, used extensively in automotive, appliance and construction markets.