As the bones of industry, steel is the crucial material of national production andlife. Not only the largest steel producer and consumer China is, but also thesuperpower of steel import and export. In recent years, the steel of our own courtrywas affected by various factors, such as the cost, the requirement and the policy, leadto the price of steel market fluctuate and fairly dramatically. Under this circumstance,because there are no risk averse means, the indigenous steel producers and traders hadsuffered huge economic losses. In order to avoid the risk and ensure the economicinterests, the CSRC launched two new steel futures products-----rebar futures andwire futures. Since listing, the market was running well and rebar futures became thehighest volume commodity varieties in the world current year, which clinched thedeal with1.62billion.Drawing on foreign experience, only mature and effective the commodity futuresmarket is, it can play a important role in spreading risk, hedging, stabling the spotmarket, price discovery and so on. Although the steel futures market performancedwell in three years, the efficiency problem of the market still exist. We had to do adeep research in the effectiveness of the futures market.In my essay, analyzing the spot and futures markets of steel was the foundation.Secondly, I summarized the main factors which influence the steel futures prices to alarge extent. Besides, the empirical examining of market effectiveness to the rebarfutures through the random walk test and cointegration test was the most importantpart. Finally, I gave the corresponding suggestions and countermeasures according tothe empirical results. |