London Metal Exchange announces first billet brands

Commenting on the issue, LME steel business manager Liz Milan said, "Physical delivery is an indispensable part of the LME steel billet futures contract in that it provides price convergence and credibility. Producer brands that conform to the LME's exacting requirements are one of the most vital aspects of this approach. We will launch the steel contracts on the floor of the Exchange on 28 April 2008; they will be ’soft-launched' on Select and the telephone market on 25 February. We are making good progress as those dates come closer and I am particularly pleased to be able to announce today that, some nine months before the first cash date falls prompt, we have listed the first brands of billet that will be deliverable against the contracts."