|  | 10/12/2004 |
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Chubu Commodity Exchange Decides to List Ferrous Scrap
Chubu Commodity Exchange decided to list ferrous scrap next year in the committee of consideration of iron recycled resource stable distribution on December 9, 2004. Since this July, the committee had discussed listing of ferrous scrap for 5 times. Throughout the discussion, the committee judged that the listing would bring about justified price formation, provision of the index of pricing and risk hedge. New factory busheling scrap will become the commodity for the listing. The Exchange is taking into consideration the listing of shredder scrap and heavy scrap such as HS scrap in the future. The unit of ferrous scrap dealing is 20 tonnes per contract, and that of the delivery is 100 tonnes. That of nominal price quotation is 10 yen per tonne. The expiration month is under the system of 6-consecutive-month. The place for delivery will be performed through agreement between the persons concerned basically. Regarding delivery by non-agrreement, the place for delivery becomes the yards in the coast of Tokyo Bay.
As for dealing with complaints, Japan Marine Surveyers and Sworn Measures' Association or New Japan Surveyors & Sworn Measures Association rules as a judge. Furthermore, the Exchange will consider control of contracts of delivery and expansion and reinforcement of deposit money for the delivery, etc. to avoid irrational price formation by speculative move and cornering.
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 | Chubu Commodity Exchange Decides to List Ferrous Scrap
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