LME steel trading hits 1.5 million tonnes
The London Metal Exchange (LME) has traded more than 1.5 million tonnes of steel in its first year, outperforming the first year of aluminium trade in 1978 by 49%, according to figures from the exchange.
Speaking at a press conference this morning, Martin Abbott, chief executive of the exchange, said it was progressing steadily towards becoming a global benchmark for the price of steel. "The LME steel price has quickly become an integral part of the steel industry and has begun to be referenced in physical scrap and reinforcement bar transactions," he said.
According to LME members, steel trading volumes on the non-cleared over-the-counter (OTC) markets have been quadruple that traded on the LME
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