In commodities market terminology, Steel refers to a metal alloy made up mostly of iron. Generally, the iron is alloyed with carbon, although other elements such as manganese, vanadium and chromium are also used.
Steel futures are traded at a number of world commodities exchanges, such as the Steel Billet futures at the London Metals Exchange LME and the Hot Rolled Coil Steel or HRC futures at the Chicago Mercantile Exchange CME. The Shanghai Futures Exchange has reinforced steel bar and wire rod contracts, while the Dubai Gold and Commodities Exchange or DGCX offers reinforcing bar (rebar) contracts. India’s National Commodities and Derivatives Exchange or NCDEX trades futures on Mild Steel and MS billets. Each exchange has their own contract specifications.