The London Metal Exchange (LME) has received the first application to register a US brand for delivery against its steel contract, LME Steel Billet.
An application was received for Sterling Steel Company LLC’s billet. Sterling Steel is based in Sterling, Illinois and has a capacity of 510kt/y.
The application follows the LME’s approval of New Orleans as a point of good delivery for its steel billet contract in June 2010, and Chicago and Detroit in August 2010. The exchange now has 45 steel brands listed from producers in 17 different countries.
The LME merged its Mediterranean and Far East steel billet contracts into a single, global steel billet contract in July 2010.
LME Steel Billet has traded record volumes over the last seven consecutive months, with 138651 lots traded so far this year equivalent to 9Mt and a notional value of $4.24bn.
