Metal Events Ltd’s
LME Steel
Contracts Announced
2nd Middle East
Following the confirmation in June that the
London Metal Exchange (LME) will commence
futures trading in steel billet in April 2008, theAluminium Conference
specifications for the initial two regional contracts
(which cover the Mediterranean and East Asia) have
JW Marriott Hotel, Dubai, United Arab Emirates
been announced.
The initial delivery point for the Mediterranean will
4 - 6 February 2008
be Turkey and the East Asia delivery point will be
South Korea, with both contracts physically
deliverable. These contracts constitute the first part
www.metalevents.com
of the LME’s offering of price risk management tools
to the steel industry following several years of
extensive consultation with member firms and the
physical industry.
Commenting on the announcement, Liz Milan,
LME Steel Business Manager confirmed, “We have
arrived at the specifications following extensive
consultation with our members and with the
physical industry, where real appetite exists for
reliable price risk management tools for steel.”
Milan concedes that whilst the steel billet contracts
will take time to build, there is a real appetite for this
offering from LME members, their clients and from
those in the steel industry who already recognise the
value of price risk management tools.
“There are many ways in which price risk
Metal Events Ltd is delighted to announce that it is
management tools can be delivered to the steel
returning to Dubai in February 2008 to hold the
industry. Our physically delivered steel billet
second in this series of events.
contracts are the first of what could be several steel
contracts. In providing this service we are building on
Programme information and details of other
the credibility and experience that we have
developed in over 130 years of base metals trading
attendees is available at our website.
and physical delivery, as well as the vast knowledge
and distribution mechanism represented within the
For full booking details on this or other events visit LME member firms,” says Martin Abbott, LME CEO.
www.metalevents.com
The trading of regional futures contracts for
or contact us at
events@metalevents.com
polypropylene and linear low density polyethylene
began trading in June. In addition to a global price for
each contract, prices are now established and
Metal Events Ltd, 77 Oxford Street, London, W1D 2ES, United Kingdom
published by the LME for Asia, North America and
Tel: + 44 (0) 207 659 2022 Fax: + 44 (0) 207 659 2111
Europe, bringing the total number of LME plastics
contracts to eight. The LME also launched the facility
for ‘spot’ trading with a new daily prompt date
structure which mirrors the model the Exchange
currently operates for non-ferrous metals.
The introduction of regional contracts reflects the
variations in the use and trade of plastics and steel
around the world.
Abbott announced the LME’s ‘2 by 2’ growth
strategy earlier this year. The strategy will see the
LME developing two swathes of organic growth,
from non-ferrous into ferrous and from futures into
OTC trading. It is designed to double the volume of
business at the LME within the next 3-5 years.
www.lme.com/steel
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