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- 27,788 lots traded in September - equivalent to 1.8 million tonnes
- New single steel billet contract continues to gain traction as a global benchmark
The London Metal Exchange saw record steel trading in September for the seventh consecutive month, with 27,788 lots of LME steel billet traded, equivalent to more than 1.8 million tonnes of material.
On August 17th, the LME announced the addition of Chicago and Detroit to New Orleans as points of good delivery in the USA for LME-registered steel billet, with effect from 16th November. Having storage facilities in these locations will enable industry in North America to utilise the contract. The Exchange is expecting to register further North American storage locations as points of good delivery in due course.
In the last month, the LME also added a new steel billet brand, Thamesteel Sheerness, from UK producer Thamesteel Limited. The Exchange now has 44 steel brands listed from producers in 16 different countries.
The LME’s steel billet contract is the world’s first global exchange-traded steel contract to be settled by physical delivery.
