Steel futures [1] are futures with steel as the subject matter. The steel futures that can be traded include rebar futures and wire futures. China is the largest producer and consumer of steel in the world. In 2004, China's steel output accounted for nearly 30% of the global output. It is estimated that the crude steel production capacity in China in 2005 will be 333 million tons, and the steel demand will reach 270 million tons. At the same time, China is a big steel importer, importing 29.3 million tons of steel in 2004. For such a big country in steel production, consumption and trade in the world, after Baosteel was "forced" to accept the request of international mining giants to raise iron ore prices substantially on February 28, 2005, the voice of domestic industry demanding the resumption of steel futures trading is also growing. How to become an international steel pricing center and safeguard China's economic interests has become the focus of more and more people's attention.