Abstract
The steel futures appear on Shanghai Futures Exchange market on March 27, 2009. It's of great significance to the stability of the domestic steel prices owing to its function of hedging and price discovery. The study analyzes the relationship between the steel futures prices and their influence factors on the basis of the VAR model. It finds that the price of iron ore, spot steel and BDI index have guidance to the steel futures prices, the steel futures prices have guidance to the price of coke as well. As to the influence degree of the factors mentioned above, the price of iron ore has most leading influence, and the price of spot steel and BDI index is less, while the price of coke is lest.
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