The futures would be risky at this time as the domestic economic and judicial environment is not mature.

It's too early to say that China's steel industry is going to suffer overall economic losses.

That's nonsense. The association never sets prices - the big mills do based on costs and supply and demand. It's already market oriented.

There is no space for steel prices to drop further.

Unlike other contracts, steel products vary greatly in category, quality and origin. No other country except India operates such contracts, and we don't know whether it works well.

Market inspection is allowed by all countries. It doesn't violate the WTO.