LME creates single steel billet contract for global industry

LME merges regional steel billet contracts into global contract. The London Metal Exchange said in a statement Wednesday it has completed the merger of its Mediterranean and Far East steel billet contracts into a single global one. To support this move, the LME said that it will increase the number of storage facilities and delivery locations, and that it is considering several additional locations in Europe and the US. The LME's first US steel delivery point will list July 29.