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The International Iron and Steel Institute's (IISI) Board of Directors held a meeting on April 6, 2003 in Vancouver, and reviewed a report on the possible benefits of a futures contract for one or more steel products.
A task force constituting senior managers from IISI member companies was instituted six months ago, to study in-depth all aspects of a futures contract and issue a respective report. This report was reviewed during the Board meeting where the Board of Directors decided that IISI will not be any further involved in a steel futures contract study and will not participate in future discussions with the London Metal Exchange (LME).
Meanwhile LME is determined to continue its studies for setting up the precise contract conditions.
It appears that a conflict exist among steel producers for the proposal of setting up a steel futures market.