The London Metal Exchange (LME) announced Friday that it has approved Ravenna, Italy as the newest point of delivery for non-domestic LME steel billet, effective September 16, 2011. In a press release, the LME said that the addition of the Italian port will enhance the LME contract's warehousing network in Europe, encouraging the steel industry to further utilize the contract. With the addition of Ravenna, LME Steel Billet is now listed in 12 locations in seven countries.
"Ravenna will bring further flexibility to those delivering or taking delivery of LME steel," said Chris Evans, Head of Business Development. "We're adding new locations and new brands constantly--all of which is helping add new liquidity to the contract."
The LME also said that steel billet average daily volume in 2011 is 1,042 lots, up 46 percent from 2010. The number of transactions per day in 2011 has also increased 36 percent year-on-year.
Since launch, LME Steel Billet has traded 352,044 lots, the equivalent of 22.9 million metric tons and $11.1 billion.