The London Metal Exchange has today commenced spot or cash trading for both the Mediterranean (FM) and Far East (FF) LME steel billet futures contracts.
"Steel billet futures can now be traded every business day out to three months, then weekly, every Wednesday of the week, months three to six, then monthly, every third Wednesday of the month, month seven to 15", LME has stated in its official press release on the issue.
Commenting on the introduction of spot trading, LME commercial director Liz Milan stated, "For the first time in the history of the steel billet industry the physical market will have access to a transparent exchange traded spot price. This marks the end of the launch period for the contracts, and the start of their development as fully fledged LME contracts".
Since the opening, the contracts have traded over 122,000 mt with a turnover of more than $129,000 million.