The London Metal Exchange (LME) announced that it is joining the UK government's trade mission to Turkey this week to help strengthen the relations between the UK and the Turkish steel industry. LME consultant Robert Fig will accompany the UK Business Secretary Vince Cable.
According to the statement, LME will also host a seminar in which Robert Fig will provide an introduction to hedging for over 100 delegates from the Turkish steel industry and "show them how the LME steel contract can protect them against price volatility."
The LME statement said that there are currently 50 brands listed under the LME Steel Billet contract in 12 locations and nine countries and the Turkish steel industry has so far registered seven LME brands.