Shanghai’s hot rolled coil steel futures closed little changed after debuting offering investors another steel related contract to trade in China, the world’s largest steelmaker.

The most traded HRC contract for October delivery closed at CNY 3,324 per tonne on the Shanghai Futures Exchange, little changed from the base price of CNY 3,316.

Mr Dai Zhihao president of Baoshan Iron and Steel Company said that “HRC is a basic steel product and the futures will allow the company to better hedge against price risks.”

The Shanghai bourse, which introduced steel rebar and wire rod futures in 2009, expects the new HRC steel futures to enhance China’s voice on pricing in the global steel market.