The London Metal Exchange's new hot-rolled coil steel contract, the first product to come out of its collaboration with the Shanghai Futures Exchange, began trading on Tuesday.It is the first time the SHFE has made a metals price available for trading on another exchange.US MarketsPowered ByAs on 27 Oct 2026, 10:22 PM ISTS&P 500 Top GainersPentair62.04(12.34%)Royal Caribbean Gr303.94(8.32%)Dell Technologies503.23(7.74%)Cadence Design Systems347.11(7.74%)Gainers»S&P 500 Top LosersXylem95.10(-12.14%)Boeing170.88(-9.26%)Coterra Energy32.56(-8.62%)Valero Energy393.58(-7.78%)Losers»"We have seen a successful start to trading for the new contract, with active quoting and over 550 lots traded so far on the first two active months," an LME spokesperson said just before 1200 GMT.The new contract could support the LME's efforts to increase traded volumes and attract new customers by settling against one of the world's most liquid futures contracts.The launch also advances China's agenda to boost its influence in global commodity markets, with Beijing pushing domestic exchanges to innovate and expand overseas as it seeks greater sway over benchmark prices.Live EventsThe success of the contract will depend on how widely the market accepts it, said Thomas Hiemstra, head of steel derivatives at steel trader M7 Metals."I don't think it's going to happen overnight," he said.