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Scrap Beat

by Scrap Magazine | Jul 28, 2020

LME Offers New Asian Steel Scrap Futures Contract

The London Metal Exchange is launching LME Steel Scrap CFR Taiwan (Argus), a new futures contract that will settle to Argus Media’s (London) ferrous scrap HMS 1/2 (80:20) containerized CFR Taiwan price.
The new contracts, which LME plans to introduce in the fourth quarter of 2020, will use the monthly averages of Argus’s daily price assessments for two types of heavy melting steel sold in shipping containers. It’s the first seaborne scrap index to reference containerized scrap, Argus says, as well as the first for Asia, helping to address the differences between the bulk and containerized scrap markets as well as regional price differentials. Visit www.argusmedia.com/metals.
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