SSY Futures Ltd Arranges the First Competitively Brokered Trade Against CME's Argus China Portside Fines Index
PRESS RELEASE
10 January 2022
SSY Futures Ltd Arranges the First Competitively Brokered Trade Against CME's Argus China Portside Fines Index
SSY Futures Ltd is pleased to report 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.
For more information on SSY’s broking services and daily reports contact:
Duncan Dunn on +44 20 7977 7597 or duncandunn@ssy.co.uk
Matt Kilgour on +44 20 7265 1871 mjk@ssy.co.uk
ENDS
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Simpson Spence Young press contact
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About SSY Futures Ltd
SSY Futures Ltd is one of the largest Dry Bulk and Freight derivatives brokerages in the World, with brokers in London, Singapore, and Stamford. SSY Futures specialises in the steel complex and base metals derivatives as well as Forward Freight Agreements, energy, and carbon. SSY Futures is a wholly owned subsidiary of Simpson Spence Young.
About Simpson Spence Young
Established in 1880, Simpson Spence Young (SSY) is the world's largest independent shipbroker. Our 400 employees cover each major market including dry cargo chartering, tanker chartering, LNG chartering and projects, ship sale and purchase, chemical chartering, consultancy and research, derivatives, and towage.
SSY has a global reach, with offices in Athens, London, Singapore, Houston, Shanghai, Stamford - USA, Sydney, Geneva, Hong Kong, New York, Mumbai, Madrid, Oslo, Sao Paulo, Copenhagen, Tokyo, Vancouver, Dubai, Varna, and Zug.
www.ssyonline.com