How NYMEX’s Steel Futures Contracts Relate to the Physical Steel Markets

The steel industry is a central part of the global economy. According to the World Steel Association, global steel production was over 1.8 billion metric tons in 2018, an increase of 4.6% on the previous year¹. Alongside growth in the physical market, the use of NYMEX’s steel derivatives has also increased in recent years, as increased price volatility drives a need for commercial hedging strategies².