London Metal Exchange (LME) has announced that on September 17 a daily record of 474 lots was traded on the LME Mediterranean (FM) steel billet contract.
The Exchange has also stated that in September the 80,000 mt turnover seen in August was surpassed after just two weeks' trading, and that the September turnover currently stands at 103,675 mt.
The total trading volume on the FM (Med) contract now stands at 298,675 mt, with open interest exceeding 54,000 mt, indicating that interest in the contract is clearly growing with very positive feedback both from member firms and the physical industry.
Citing the need for futures' assistance in price risk management, LME said the price was $753 when the FM contract was soft launched on February 25 and it peaked at $1,270 on June 26. Since then it has fallen to the current low of $480.