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The London Metal Exchange (LME) is joining the UK government’s goodwill trade mission to Turkey this week to further links between the UK and the Turkish steel industry.
LME consultant Robert Fig will provide an introduction to hedging in a day-long seminar involving over 100 delegates from the Turkish steel industry, followed by a reception at the British Consulate-General in Istanbul.
Martin Abbott, CEO of the LME, said: “We are keen to work with the Turkish authorities to further the acceptance of the LME steel contract and to show industry users how it can protect them against price volatility.”
The Turkish steel industry has so far registered seven LME brands. There are currently 50 brands listed under the LME Steel Billet contract in 12 locations and nine countries.
LME Steel Billet volumes have surged in 2011, with over 400,000 lots traded since launch, equivalent to 26 million tonnes and $13 billion.
