CME says to launch Chinese steel rebar swap futures

SHANGHAI, Sept 27 (Reuters) - The Chicago Mercantile Exchange will launch Chinese steel rebar swap futures on October 15, as it looks to tap growing appetite among investors to hedge their price exposure to the rebar futures traded in Shanghai.

CME said on Thursday its swaps contract will use prices provided by Chinese consultancy Mysteel as a reference for settlement.

"This product is designed to enable our regional customers to manage rebar price volatility and eliminate counterparty credit risk through a flexible, centrally cleared swap futures product," Harriet Hunnable, CME Group Managing Director, Metals Products, said in a statement.