LME ‘committed’ to steel billet despite woes

Jul 23, 2013 | 09:43 AM | Michelle Madsen

Tags  LME, London Metal Exchange, steel billet, billet contract, billet prices, Michelle Madsen

LONDON — The London Metal Exchange is "committed" to the steel industry despite its only ferrous contract becoming increasingly disconnected from the physical steel market.

Cash prices for the steel billet contract tumbled as much as $400 per tonne below physical benchmark Commonwealth of Independent States (CIS) billet prices last week, the biggest disconnect between the physical and paper markets since the LME launched its billet contract in 2008 (amm.com, Feb. 25, 2008).

The gap widened in the second week of July this year after the LME’s steel billet cash contract plummeted to less than $100 per tonne July 16.....

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