London Metal Exchange (LME) has announced the product codes and fees for its new steel futures contracts.
According to the announcement, trading and LME Select on the phone for the new Mediterranean steel contracts and Far Eastern steel contracts starts on Monday 25, February, 2008.
The first available prompt date will be 20 August 2008, whereas trading in the ring starts on Monday 28 April, 2008 when the nearest prompt date will be 28 July, 2008. All trading will be in US dollars.
The commodity code for the Mediterranean steel contract will be "FMD" and "FFD" for the Far Eastern steel contract. All trade types and matching conventions will be the same as those used for non-ferrous metals.
The LME fees for steel trades will be in sterling and in the same amounts per lot as for non-ferrous metals.