Friday, November 19,
Trading volumes of steel billet futures on the London Metal Exchange this year have surpassed the 10 million tonne mark, up almost five fold on the whole of 2009, the LME said on Wednesday.
The exchange merged its two regional steel futures contracts — Far East and Mediterranean — into a single global contract in July.
“It shows that peoples’ need to manage risk is turning into real hedging and trading activity on the Exchange,” Chris Evans, Head of Business Development at the LME, said in a release.
The LME’s steel billet contract is the world’s first global exchange-traded steel contract to be settled by physical delivery.
The LME also listed its first U.S. steel billet brand, Sterling Steel for delivery against the LME steel billet contract, on Wednesday, it said. There are now 46 brands listed from producers in 17 different countries.
Additional LME-bonded warehouses were listed in Detroit and Chicago earlier this week, bringing all of the LME’s U.S. locations for steel – New Orleans, Chicago and Detroit – on stream, it said
Source: Reuters
Leave a Reply