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LME Confirms First Steel Billet Brands
10/11/2007 - The LME confirms the first billet brands that will be deliverable for its two regional steel billet futures contracts for the Mediterranean and Far East.
The LME has confirmed the first billet brands that will be deliverable for its two regional steel billet futures contracts for the Mediterranean and Far East.
There are two brands from the Greek producer Hellenic Halyvourgia and one from the Turkish producer Colakoglu Metalurji.
The billet brands were confirmed well in advance of commencement of trading, and the LME expects a regular flow of brand listings going forward.
“Physical delivery is an indispensable part of the LME steel billet futures contract in that it provides price convergence and credibility,” said Liz Milan, LME Steel Business Manager. “Producer brands that conform to the LME’s exacting requirements are one of the most vital aspects of this approach.
“We will launch the steel contracts on the floor of the Exchange on April 28, 2008; they will be ‘soft-launched’ on Select and the telephone market on February 25,” said Milan. “We are making good progress as those dates come closer and I am particularly pleased to be able to announce today that, some nine months before the first cash date falls prompt, we have listed the first brands of billet that will be deliverable against the contracts.”
The LME is the world’s premier non-ferrous metals market and achieved volumes of 87 million lots in 2006, an increase of 10.6% on 2005 figures and equivalent to $8,100 billion in monetary terms. The LME is a demutualised, shareholder-owned organization that currently operates a model in which fees are kept to a minimum and all surpluses are rebated to shareholders.
