London, 1 April 2010

Trading in steel futures on the London Metal Exchange ( LME) achieved record levels in March, with 10,662 lots traded, representing 693,030 tonnes (notional value = $346m). Additionally, the Market Open Interest (MOI) in the Exchange’s Mediterranean steel contract has increased 108% since the start of the year, closing at 2,368 lots on Tuesday, 30th March, and demonstrating a renewed interest in the contracts as global markets recover and as the LME moves towards merging its existing regional steel contracts into a single global steel contract.

Chris Evans, Head of Business Development at the LME, said, “Steel markets are changing significantly and uncertainty about what the future will look like encourages a focus on risk management and specifically hedging. Steel futures at the London Metal Exchange are more relevant than ever and we are pleased with the traction this contract is getting in the market.”

Ends --