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DGCX's approved steel producers

The Dubai Gold and Commodities Exchange (DGCX) has announced a list of newly approved Turkish steel producers for its rebar futures contract.

The Dubai Gold and Commodities Exchange (DGCX) has announced a list of newly approved Turkish steel producers for its rebar futures contract.

Izmir Demir Celik Sanayi, Ekinciler Iron and Steelworks and Diler Iron and Steel have all been approved, which means a considerable expansion of the rebar products that will be traded on the futures market.

Murat Katran, deputy foreign manager, Izmir Demir Celik Sanayi said: "We believe it's good for IDC to take part as an approved producer in Dubai. This is the first step, and we, along with the other members of the market, will be watching the developments of the futures market."

The companies join the initial list of producers announced earlier this month by DGCX, which included Al Tuwairqi Group (Al Ittefaq Steel Products) and Sabic Steel (Hadeed) from Saudi Arabia, and Qatar Steel Company.

Ahmed Bin Sulayem, director, DGCX said: "The listing of approved producers for steel is aimed at maximising transparency and standardisation of product quality."

The approvals are said to provide buyers with an indication of the specifications required and brands on the futures market that will be priced, traded and delivered.

John Short, executive director, steel and base metals, Dubai Multi Commodities Centre said: "The new approvals are a key step forward in the process of launching. It ensures that the steel delivered conforms to standard quality parameters."

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