London Metal Exchange (LME) will launch two regional steel billet futures in April 2008, four years after the exchange first announced its intention to offer the metal on the exchange (see FO Week Vol 8 No 30).
"This is a good day for [LME]. LME has been talking about launching steel for the last four-to-five years, and about three years ago [the plan to launch steel] was shelved because it was deemed to be just too difficult, and the fact that no other exchange has been able to launch [an international] steel contract, is proof that LME original assessment was...