The Empirical Analysis of Price Discovery Function in Steel Futures

By the end of 2010, China´s steel futures listed on the market only two years, in 2010 the rebar futures year-round reach the deal about 45122.48 million hands, ranking the first global commodity futures volumes. Studying whether steel futures has the price discovery function, and whether steel futures plays a guiding role to the steel production management and sales, have important practical meanings. Results show that Our country steel futures and spot market, there exist certain positive correlation and between the two there is a long-term equilibrium relationship; our steel futures have a certain price discovery function, but the price discovery function not revealed.