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London Metal Exchange (LME) has announced that on July 28 it will merge its existing Mediterranean and Far Eastern contracts to create a global steel billet contract. LME said that this development has come about in response to changing market dynamics and the increasing acceptance of the LME steel price as the benchmark price for steel billet.
 
These changes are effective from July 28, 2010 and additional delivery locations will be made available from the same date.