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There are two brands from the Greek producer Hellenic Halyvourgia and one from the Turkish producer Colakoglu Metalurji.
Commenting on this announcement, Liz Milan, LME steel business manager said:
“Physical delivery is an indispensable part of the LME steel billet futures contract in that it provides price convergence and credibility. 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 28 April 2008; they will be ‘soft-launched’ on Select and the telephone market on 25 February. 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.”
Background
- Further information on the details of how to list product as an approved brand for delivery against an LME contract can be found at: http://www.lme.com/listing_guidancenotes.asp
- The steel contract specification can be found at www.lme.com/steel
- Steel FAQs for the steel contracts are available at http://www.lme.com/steel-faqs.asp
- 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.
- Trading at the LME in non-ferrous metals and plastics takes place across three platforms: through open-outcry trading on the “Ring”; through an inter-office telephone market; and through the electronic trading platform LME Select.
- The LME is a demutualised, shareholder-owned organisation that currently operates a model in which fees are kept to a minimum and all surpluses are rebated to shareholders.
