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Algos Keep Losing to Human Traders in $900 Billion Steel Market

Algos Keep Losing to Human Traders in $900 Billion Steel Market


News is brought to you by Mr. Shailesh Karia


Published on date 16th August 2019.


As automation reshapes financial markets around the world, there’s still one place where handshake deals are the norm and using technology means bcc-ing bids and offers over email.


The complex and antiquated world of steel -- among the oldest industries in America -- is one of the last lines of defense against the bots. Instead of a computerized market where orders ping-pong back and forth in milliseconds, a large bulk of the industry’s transactions are done in annual contract deals, with agreed-upon prices and volumes.


Unlike most commodities, there’s hardly a futures market and when steel does trade, it’s by phone or email.


Source : https://www.bloomberg.com//


 





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