The London Metal Exchange reports that Steel Billet saw another strong year in 2011 with 219163 lots traded, up 15% from 2010 (191221 lots) and equivalent to 14.25Mt of steel traded worth $8.02bn.

The contract won a prestigious annual award for innovation at the American Metal Market’s (AMM) Awards for Steel Excellence. With 52 brands listed and 72 LME-approved warehouses, the steel industry is increasingly recognising the value of the contract to help manage risk.