London, 14 July 2011

The London Metal Exchange has received the first delivery of steel into New Orleans with the warranting of 3,315 tonnes. Total LME Steel Billet stocks now stand at 10,140 tonnes in the USA and at 47,320 tonnes globally (including cancelled warrants).

Chris Evans, Head of Business Development, said: “This is another indicator of the continued success of the LME Steel Billet contract as the steel industry increasingly seeks innovative risk management solutions.”

Trading in steel billet at the LME has continued to grow rapidly in the first half of 2011 with 123,173 lots traded (8 million tonnes), up 214 per cent compared with the corresponding period last year (57,648 lots; 3.7 million tonnes).

Last month the LME Steel Billet contract won a prestigious annual award for innovation at the American Metal Market’s (AMM) Awards for Steel Excellence. Other nominees included ArcelorMittal, BMW and Latrobe Steel.

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