Dalian Commodity Exchange started trading in the world's first coking coal futures contract on Friday, aimed at helping Chinese companies reduce risk and gain a bigger say in setting the global price of the commodity.

Officials from the exchange, one of three major commodity exchanges in the country, got approval from the China Securities Regulatory Commission, the securities and futures regulator, last week to launch the contract.

"The coking coal futures contract will benefit China's coal, steel and coking industries," said Liu Xingqiang, the exchange's chairman.