CSRC approves trade of ferroalloy futures contract

China's securities watchdog has approved the listing of ferroalloy futures on the Zhengzhou Commodity Exchange (ZCE) in Henan Province.
The exchange will decide on when to list the futures, said a China Securities Regulatory Commission statement on Friday.
ZCE said it will test the trade next Tuesday, but did not reveal the exact official trading date.
China ranks first in the world's ferroalloy production, providing about 40 percent of total global ferroalloy output annually.
Ferroalloy prices have been volatile in recent years, adding risks for traders. The introduction of the futures is expected to promote the steady growth of the ferroalloy industry.