Ferrous metals are metals that contain iron. Ferrous metals include steel, stainless steel, pig iron, iron ore and iron oxide. Iron and steel are used in used in everything from building, ship and bridge construction, to the manufacture of automobiles and appliances. According to the CME, the iron ore and related ferrous market is the second largest commodity market by volume after crude oil.
Iron ore (60% Fe content) swap futures are traded at the NYMEX and ICE OTC. Hot-Rolled Coil Steel is traded at the NYMEX. Steel is traded at the LME.
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