The LME launched a liquidity window initiative for its LME Steel Scrap CFR Turkey and Steel Rebar FOB Turkey contracts on Nov. 1, which runs between 4 pm and 4.30 pm UK time on a daily basis on LMEselect, the exchange's electronic member-to-member trading system, for contract months 2, 3, and 4 ahead on the forward curve.
On Tuesday Nov. 1, approximately 1,650 mt of LME Steel Scrap CFR Turkey traded on LMEselect, during the 30-minute liquidity window from 4 pm. On Wednesday Nov. 2, 1,720 mt of the LME Steel Scrap CFR Turkey traded during the liquidity window.
"We are encouraged to see strong volumes and tight spreads just two days into our newly launched ferrous liquidity window on LMEselect," Robin Martin, LME Head of Market Development, said.
"On Wednesday [Nov. 2], we saw bid-offer spreads as tight as $0.50 on the Dec-22, Jan-23 and Feb-23 scrap futures contracts. We hope to see this new initiative gain momentum over the coming weeks and months – supporting and enhancing electronic liquidity across our ferrous suite."
