By October 18 this year, iron ore futures will be on the market for six years. Compared with other varieties, iron ore futures have achieved steady and rapid development in a relatively short period of time, and the function has played a preliminary role. Now, it should be said that iron ore futures have grown into "five-six-year-olds." However, there is still a long way to go before the growth and development of iron ore futures requires the care and joint efforts of all parties.

First, in terms of price discovery, an open and transparent price has been formed. In December 2017, rebar prices rebounded to February 2011 at 4,980 yuan / ton, corresponding to the Platts index of 72 US dollars / ton and 193 US dollars / ton, a decrease of 63%. The price ratio of rebar and iron ore has increased from 3.3 to 8.4. In the first eight months of this year, the correlation between iron ore futures and spot prices and the Platts index remained above 90%, and the hedging efficiency exceeded 80%. At the same time, iron ore futures have found that the price is more efficient, sensitive to various market information, and can provide timely price signals for production and operation.

Second, more and more industrial enterprises participate in futures trading and use the futures market for risk management. Up to now, more than 1,000 steel industry chain enterprises have participated in the coal coke futures market. Among them, 8 of the top 10 domestic steel mills participate in futures trading, and the market structure is becoming more and more perfect.

Overall, China's iron ore futures have grown into "big men", but musculoskeletal and other needs to further mature. Compared with China's huge iron ore procurement and steel production scale, the proportion of steel industry capital in the futures market is insufficient, and the market participation structure has a large optimization space; the ability of enterprises to deeply use futures instruments to hedge and price is insufficient; The representativeness of iron ore futures prices needs to be further improved.

In short, iron ore futures is still a "small boy", and it is still in a period of growth and perfection. It requires more understanding and tolerance from all sectors of society, especially the steel industry. Only when everyone participates and works together can iron ore futures be nurtured. Well, and then provide better services for the industry.

In the next step, on the basis of continuing to strengthen market supervision and maintain stable operation of the market, DCE will research and introduce new tools such as iron ore options to further expand the scope of the futures market to serve the real economy; at the same time, promote the improvement of the existing contract system. Introduce the iron ore futures brand delivery system as soon as possible, and adapt to the changes in the spot market and trade habits to improve the representation of futures prices.