London Metal Exchange Steel Contracts Reach Double Milestone

The LME steel billet contracts have reached a double milestone with a turnover exceeding quarter of a billion USD ($250m), and over 260,000 metric tonnes or 4,000 lots traded.

21 members of the Exchange have now participated in trading the contract that only began cash trading on the 24 July 2008. Since the introduction of cash trading the volumes of the contracts have more than doubled.

Commenting on the announcement LME Commercial Director, Liz Milan said: “Today our steel contracts have reached a notable double milestone. These are still early days for our steel contracts, but the fact that 260,000 tonnes of billet has traded on the LME shows that there is growing interest in our contracts and that the industry is beginning to understand the value of using futures.”