China's first steam coal futures contract rose 2.8 percent on Thursday, debuting as one of the most traded contracts, as investors in the world's top importer of the resource welcomed the chance to access the hedging tool.

The January steam coal contract on the Zhengzhou Commodity Exchange rose 2.8 percent to close at 534.4 yuan ($87.32) per tonne, up from a base price set at 520 yuan.

With over 300,000 lots traded, it was the bourse's fifth-most traded contract for the day.

The rollout of China's first steam coal contract will give Beijing greater influence over global coal prices, analysts said, and the move comes as the country looks to gradually open up its financial sector in a drive to make economic growth more consumption-oriented.

China is the world's top coal consumer and producer, churning out 3.7 billion tonnes of the resource last year. Thermal coal production stood at 2.74 billion tonnes in 2012 and accounts for nearly 80 percent of China's total power output.

The launch of the steam coal futures contract offers miners and traders an important hedging tool. Sources at futures brokerages, which have been reaching out to miners to offer hedging services, said the response had been positive.

"We're keen and are learning more about the hedging process. Steam coal prices have been falling and will stay volatile in the future, so it's a good idea to start hedging our risk," said an executive from a private coal producer.

A source at a foreign bank with a licence to trade on China's commodities exchanges also said the firm planned to trade in the contract.

Other large miners and power companies are enthusiastic about the contract and about learning more ways to hedge, said Liu Yi, an analyst at Galaxy Futures, but adding that most of the trading will initially be dominated by retail investors.

The debut of Chinese coal futures is unlikely to have an impact on China's import demand, at least in the short-term, some said.

"I can't really see it changing the dynamic of Chinese appetite in terms of seaborne coal," an Australia-based trader said.

A Singapore-based coal market source said the introduction of coal futures in China could also draw more Chinese players into the international paper market.

"They seem to be really comfortable with anything that's done by the Chinese exchanges, hopefully they can have the same kind of interest in international swaps," the source said, which would potentially amplify any market influence gained from the launch of the new coal contract.

China's coal prices have been steadily declining since December, dropping by 16 percent so far this year due to overcapacity and slowing economic growth.

Falling prices, which sunk to fresh four-year lows of 531 yuan a tonne this week, have dragged many miners into losses and forced some high-cost mines to cut production.

Investors are required to put up a minimum 5 percent of the value of the new futures contracts, while the exchange has set each lot size at 200 tonnes and its circuit breakers at 8 percent above and below the opening price on a given day.

Regulators are also considering allowing trade in futures of crude oil, iron alloys and a slew of agricultural products.

The Zhengzhou Commodity Exchange has 12 other futures contracts, including wheat, sugar, methanol and cotton.