The London Metal Exchange (LME) has announced that it will commence ‘spot' or cash trading for both the Mediterranean (FM) and Far East (FF) steel billet futures contracts on July 24.
"The introduction of additional prompt dates provides the steel billet industry with valuable daily ‘spot' reference prices and offers market participants the full flexibility of a range of daily trading dates out to three months", the LME said in the official release on the issue.
Both LME steel billet futures will become completely developed LME contracts with the introduction of spot trading, in line with the highly successful non-ferrous contracts, the LME added.