Steel futures are futures with steel as the subject matter, and steel futures that can be traded include rebar futures, wire futures and hot coil 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 demand of the international mining giant iron ore for a sharp price increase on February 28, 2005, the voice of the 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.