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“We are doing research on the stainless contract, but no time frame has been set so far since we need to get approval from the China Securities Regulatory Commission,” a spokesman for the exchange told Steel First.

Market participants said the SHFE is targeting a possible launch in the second half of 2014.

“The exchange has selected 304 2B cold rolled coil stainless steel for the contract and is expected to launch in second half of this year,” a state-owned stainless mill source said.

The source added that the SHFE had visited mills and is conducting a study on the contract.

The SHFE, which hosts steel-related futures contracts including that for rebar and wire rod, plans to launch a hot rolled coil futures contract in the first half of 2014.