SSY Futures Ltd arranges the first competitively brokered trade against CME’s Argus China Portside Fines Index

SSY Futures Ltd has announced that it has arranged the first competitively broked trade in the new Argus Iron Ore China Portside Fines Futures contract. The trade was for settlement in February 2022 and is denominated in Renminbi (CNH).

SSY Futures Ltd is well known for its core area of Forward Freight Agreements and derivatives in energy and power, the steel complex and base metals so the new Argus "Free on Trucks" product has been an area of focus for them. The contract is listed and cleared by the Comex division of CME.

"This is a great development for a number of reasons not least that it is a Renminbi denominated trade and the first internationally traded contract to be priced against Iron Ore at a Chinese port, offering market participants an opportunity to mitigate risk directly of landed iron ore fines in Qingdao Port. We believe this contract offers a new and more effective way of trading the spread between seaborne and portside prices." - Matt Kilgour, SSY Futures Ltd Director and Iron Ore Futures broker.