- Ravenna approved as point of good delivery for LME Steel Billet
- LME Steel Billet average daily volume in 2011 up 46% compared with 2010
- 352,044 lots of LME Steel Billet has traded since launch, the equivalent of 22.9 million tonnes and $11.1 billion
The London Metal Exchange (LME) has approved Ravenna as the latest point of good delivery for non-domestic LME Steel Billet, with effect from 16 September 2011. The addition of the Italian port will enhance the contract’s warehousing network in Europe, encouraging the steel industry to further utilise the contract. LME Steel Billet is now listed in 12 locations in seven countries.
LME Steel Billet average daily volume in 2011 is 1,042 lots, up 46% from 2010. The number of transactions per day in 2011 has also increased 36% year on year. On average 77 trades take place, more than half of them on Select and with 22 members trading regularly each month.
“Ravenna will bring further flexibility to those delivering or taking delivery of LME steel,” said Chris Evans, Head of Business Development. “We’re adding new locations and new brands constantly – all of which is helping add new liquidity to the contract.”
Since launch LME Steel Billet has traded 352,044 lots, the equivalent of 22.9 million tonnes and $11.1