London Metal Exchange (LME) has announced the approval of the "QIANAN RONGXIN" brand of Hebei Province-based Chinese steelmaker Qianan Rongxin Industry and Commerce Co., Ltd., as well as the "QIANAN YANSHAN" brand of the same province-based Chinese steelmaker Qianan Liangang Yanshan Iron & Steel Co., Ltd. for the Exchange's Mediterranean and Far East steel billet futures contracts.
Qianan Rongxin Industry and Commerce Co., Ltd. has an annual billet production capacity of 1.8 million mt, whereas Qianan Liangang Yanshan Iron & Steel Co., Ltd.'s billet output capacity stands at 2.4 million mt per annum.
LME's billet futures contracts have reached a combined turnover of 500,000 mt in traded volume. Of this amount, 240,000 mt have been traded since August 28.