Core Insights - The Shanghai Futures Exchange (SHFE) is focusing on the green and low-carbon transformation of the steel industry under the "dual carbon" goals, emphasizing the integration of technological and industrial innovation [1] - The steel industry is undergoing a critical transition from "scale expansion" to "quality improvement," with significant potential for sustainable development [1] - SHFE is implementing targeted policies to enhance the quality of steel futures, addressing issues such as delivery brands, warehouses, and contract continuity [1] Group 1 - The contract rules are continuously optimized, leading to further market growth [1] - The operational quality is improving, effectively enhancing market functions [1] - The participation of industrial clients is significantly increasing [1] Group 2 - SHFE aims to support the transformation and upgrading of the steel industry by optimizing and upgrading products like rebar [2] - The exchange will enhance collaboration with upstream steel companies and downstream industries such as shipping, home appliances, and automotive to improve service quality [2] - SHFE is advancing the internationalization of steel futures to better serve the risk management needs of "going out" enterprises, with new products included in the Qualified Foreign Institutional Investor (QFII) trading scope [2]

Group 1 - The steel industry is undergoing a critical transformation from scale expansion to quality improvement, with significant potential for sustainable development [1] - The Shanghai Futures Exchange (SHFE) is implementing targeted policies to enhance the quality of steel futures, including increasing the number of registered brands and delivery warehouses [1][2] - In 2024, the trading volume of steel futures reached 776 million contracts, a year-on-year increase of 2.7% [1] Group 2 - SHFE is actively engaging with steel enterprises to understand their needs and improve contract continuity and delivery convenience, resulting in an overall increase in delivery volumes for hot-rolled and rebar steel [1][2] - The number of steel industry clients using futures tools for risk management is gradually increasing, with notable participation from major companies like Baowu Steel and Nanjing Steel [2] - The integration of steel and finance is deepening, with steel companies adapting to this transitional phase [2] Group 3 - The China Iron and Steel Association (CISA) is focusing on enhancing industrial capabilities and modernizing the supply chain, emphasizing green low-carbon and intelligent manufacturing [3] - CISA is promoting a new capacity governance mechanism and joint restructuring, along with initiatives for ultra-low emissions and digital transformation [3] - SHFE plans to strengthen connections with upstream steel mills and downstream industries to enhance the precision and targeting of industry services [3] Group 4 - Steel companies are actively expanding into overseas markets, accelerating the "going out" strategy across the entire industry chain [4] - SHFE is advancing the internationalization of steel futures to better serve the risk management needs of companies operating abroad [4] - The exchange is collaborating with several foreign exchanges to promote the authorization of steel futures settlement prices, expanding the application scenarios for Chinese steel futures pricing [4]