The London Metal Exchange (LME) has confirmed that it will introduce two regional, physically-delivered, steel billet futures contracts, with trading commencing in April 2008.
The contracts cover the Mediterranean and Far East regions. The initial delivery point for the Mediterranean will be Turkey, whereas the Far East delivery point will be South Korea.
Further details of the contracts and the LME's approach to risk management tools for steel will be outlined in a presentation by LME CEO Martin Abbott, at the 8th Conference on Status and Outlook of the Malaysian Steel Industry: ASEAN Steel Industry in Kuala Lumpur, Malaysia, on 27-28 August 2007.