Dalian seeks views on coking coal futures contract

The Dalian Commodity Exchange published a notice on Thursday seeking views regarding the introduction of a coking coal futures contract, which means the exchange is speeding plans to introduce the product.

Media reports said earlier that the move?- which would be the world's first coking coal futures contract?- would help steel makers, coal and coke producers hedge key steel making raw material, and is likely to be introduced this year.

The lot size is expected to be 60 tons, and the exchange will limit daily moves in the futures to 4 percent of the previous close. Investors will have to pay 5 percent of the contracts as a margin deposit.

China is the world's largest coking coal consumer. Between 15 and 20 percent of the country's annual 550 million metric tons consumption of the material is imported.