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TagsLondon, 12 October 2012
A new online exchange called Metal-Lynx is to launch in early 2013 for trading metals related to the stainless steel industry and will enable participants to establish personalised networks for conducting transactions. Metal-Lynx will initially focus on the physical trade of metals, such as ferro-alloys, used by the steel industry and is designed to bring greater transactional efficiency and improved price discovery. Later metals such as nickel, zinc and tin will also be included.
It is part of the UK-based specialist metals information provider Metal Pages and will be headed by its Managing Director Nigel Tunna and metals trader Norman Shapiro. The exchange, which is two years in the making following extensive consultations with the metals industry, combines the professional networking capabilities of a social media site such as LinkedIn with a robust auction platform such as e-Bay.
"The main difference between Metal-Lynx and other attempts at forming physical trading platforms is that users can form their own private networks of trading partners," says Norman Shapiro, co-Managing Director of UK-based Metal-Lynx. He explained that industry users had expressed a strong interest in being able to anonymously and simultaneously send their requirements to a list of pre-approved contacts as it would very likely lead to better pricing either when purchasing or selling.
"Metal-Lynx will deliver 24/7 market access, real-time price discovery, improve market knowledge and awareness. Members can form their own trusted trading networks and use it to forge new trading relationships," says Nigel Tunna, co-Managing Director of Metal-Lynx.
The exchange has received considerable industry support including from a number of steel producers and mining companies and at least one company is already committing to trade a monthly tonnage of material via the exchange.
"Bringing ferro-alloys trading onto an exchange will aid price discovery and increase market efficiency. Metal-Lynx is a welcome development for the industry," says Mark Wilson, Executive Vice President and Chief Commercial Officer of molybdenum producer, Thompson Creek Metals.
The Internet is credited with democratising information and introducing greater operational efficiency across many industries. Also exchanges have long been accepted as one of the most effective ways for forming price discovery and generating liquidity and it is in this spirit that Metal-Lynx is being launched. For a limited time, new members are being offered a free three-month membership and six commission-free trades. Click here for more information.
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