LME aims to double CFR Turkey ferrous scrap futures traded volumes in 2023
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Update time : 2022-10-28 16:46:41
The London Metal Exchange is aiming to reach 10 million mt of ferrous scrap CFR Turkey futures traded volumes and 2.5 million mt of FOB Turkey steel rebars futures traded volumes in 2023, Alberto Xodo, LME's vice president-sales, said Oct. 27 during the LME Focus Day event.
The two contracts have gained momentum on high volatility in the physical market that attracted greater futures interest.
The LME is predicting that scrap CFR Turkey futures contracts, which settle against the monthly average of Platts physical assessment, will end 2022 with 4.5 million mt of volumes traded following a post-pandemic rebound. The LME CFR Turkey scrap futures contract has seen its highest annual trading volumes since 2018, with 3.5 million mt traded in the year to Oct. 26.
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