First, it needs a large output and a large demand to be active in trading.

Second, to facilitate transportation, commodity futures should be delivered in kind.

Third, it should be easy to classify. Futures varieties and specifications are not uniform, who dares to deliver in kind?

It seems that iron meets all the requirements, but there is actually a more important condition, that is, it cannot monopolize the spot market of this futures variety.

If the spot market is monopolized, there is no need to think about it, and futures can't be done because the price is manipulated.

If we want to open the iron futures market, we must have enough spot dealers, be evenly matched, be able to withstand price fluctuations, and have the participation of speculators. As far as the current domestic situation is concerned, state-owned enterprises will not take this risk.

This is not only to meet the needs of traders, but also for national security and economic stability. The battlefield of futures is the competition of financial strength. As far as the advantages of dollar, euro and pound are concerned. On the issue of RMB, China's futures products usually hand over the pricing power to the international market.