November 20, 2008

LME steel billet spot trading starts today

On Thursday July 24th 2008 spot or cash trading will be available, marking the end of the launch period for both the Mediterranean and Far East LME steel billet futures contracts.

The first cash dates falling due provide the steel billet industry with access to valuable daily spot reference prices, and offers market participants the full flexibility of a range of daily trading dates out to 3 months.

Steel billet futures can now be traded every business day out to 3 months, then weekly, every Wednesday of the week, months 3 to 6, then monthly, every 3rd Wednesday of the month, months 7 to 15.

Since launch the contracts have traded over 110,000 tonnes with a turnover in excess of USD 110 million.