The fourth part of the world steel futures market overview, the world's current steel futures market, in general, the transaction is not active, and can not be compared with the longer history and mature varieties of transactions. There is no authoritative steel trading market and transaction price, which is relative to the regional steel itself, the variety specifications and higher relative storage costs. First, the British steel futures profile, the London Metal Exchange (LME) is the oldest metal futures trading, the most influential stock exchange. The exchange's research into steel futures took many years. LME exploration and Research on the subject of steel have undergone changes from specific steel varieties to steel index to specific steel varieties. Before 2003, LME of steel futures has been investigated, but after the study found very difficult to launch steel futures, then turned to the study of steel index futures, index futures is the main difficulty of steel is to establish reasonable steel price index. After a new study in recent years, it is still feasible to list steel futures. After repeated, LME reconsider the steel futures for physical delivery, and determine the billet as the subject of the transaction. LME billet futures were formally traded on April 28, 2008, and the first delivery date was July 28, 2008. LME billet futures are divided into two regional contracts, namely, the Far East and the Mediterranean region, and the corresponding contracts are delivered in their respective designated clearing houses. The initial settlement of the Far East contract is based in Inchon, South Korea, and Malaysia, Johore. The initial delivery of the library contract located in Turkey Dubai and the United Arab Emirates mamala. Two, introduction to Japanese scrap futures Tokyo Bay is an important steel base in Japan, the Tokyo commodity exchange (TOCOM) is a comprehensive industrial futures exchange, the futures exchange trading volume in Japan and influence are ranked first, but the TOCOM is not listed steel futures, but by third ranked central commodity exchange (C-COM) launched the first steel futures, and become Japan's only listed the steel futures exchange. The beginning of 2003, the Japanese domestic prices of steel raw materials continue to rise, while the downstream product prices basically unchanged, in order to ensure the stable supply of raw materials, in June 2004, the Ministry of economy issued a "stable supply of raw materials and natural resources initiative, including strengthening the overseas resource development proposals, one of which is to perfect the market mechanism, the possibility of listed steel study on futures commodity futures exchange. Accordingly, in July 2004, C-COM established the "renewable resources circulation stability research committee", in December of that year, the above Committee submitted a research report on steel futures. In January 2005, C-COM set up a "scrap futures listed on the Preparatory Committee"; in March 2005, C-COM submitted a listing application to the scrap futures regulatory agency, August 2005 received approval, scrap steel futures listed in October 2005, scrap futures officially listed for trading at C-COM. Scrap also has many specifications, and futures products choose the highest specification (grade) of scrap (heavy scrap) as standard. Standard products must comply with the "uniform standard for scrap steel acceptance" formulated by the Japanese Association of iron sources and the new broken bulk cargo with the side length of less than 1200mm. A total of 52 members of the steel futures market, including 31 market makers and 21 ordinary members (steel mills). There are more than 900 steel scrap factories in Japan, 40-50 of which can produce delivery products, of which 21 are ordinary members of C-COM. Japan's major trading companies, such as Mitsui, MITSUBISHI, Itou Tada, Sumitomo and so on, have entered the transaction. However, the turnover of scrap steel is still relatively small, and the liquidity is not strong. The second part of the steel market in China, labor costs, labor costs is an important cost of the steel industry. Although there is a big gap between China's physical labor productivity and developed countries, the gap between the unit work hour cost (mainly the per capita income level) is greater. Therefore, the manpower cost of China's iron and steel shipments is about 1/3 of the developed countries and 1/2 of the average foreign countries. On the whole, the gap between the labor costs of China's iron and steel enterprises is not obvious. Depreciation and interest equipment investment is an important feature of the steel industry. Globally, in addition to Japan's rapid depreciation, the United States, Europe, South Korea and China's iron and steel enterprises generally use normal depreciation, while Russia's depreciation rate is the slowest. As the steel industry is a capital intensive industry, the asset liability ratio of China's iron and steel enterprises is generally over 50%. Therefore, the changes in the national monetary policy will seriously affect the financial costs of iron and steel enterprises. Iron and steel, coke and other raw steel prices jumped sharply in 2001, driven by a surge in steel production and the shortage of raw steel supplies. Especially since 2004, the long-term contract price of imported iron ore has risen sharply year by year, which makes the iron ore purchasing costs of iron and steel enterprises rise substantially. Compared with 2002, the long-term contract price of international iron ore rose by 288.9% in 2007. In 2007, the average purchasing cost of domestic iron ore in large and medium-sized iron and steel enterprises rose by 108.2% compared with 2003, and the purchasing cost of coking coal rose by 91.7%. The original fuel prices make a substantial increase in the cost of production of iron and steel enterprises, large and medium-sized iron and steel enterprises in 2007 the average cost of steel and iron than in 2003 rose 71.8%, carbon hot rolled slab rose 56.2%, rose 56.6%. In mid February 2008, the world's largest supplier of iron ore, Brazil vale, has reached an agreement with the world's major steel producers on iron ore supply prices in 2008, the benchmark price is going