London Metal Exchange (LME) has announced the approval of the "DINH VU HAI PHONG" brand of Vietnamese steelmaker Dinh Vu Steel Stock Company for the Exchange's Mediterranean and Far East steel billet futures contracts. This move marks the first approval of a Vietnamese brand in the Exchange.
Dinh Vu Steel Stock Company has an annual billet production capacity of 170,000 mt.
So far, 30 brands have now been listed by 30 producers as good for delivery against the LME steel futures, equating to a combined annual production of approximately 45 million mt.
The Mediterranean and Far East steel futures have also reached a combined turnover of 600,000 mt.
The official cash price on Friday, 10 October, for the Far East was $350, whereas it was $360 for the Mediterranean.