Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 29 JULY 2008

LME Steel Billet Futures

HFW
HFW
Contributor
HFW

HFW

HFW is a sector-focused law firm with people who have a real passion for the sectors they work in,...

View firm profile
Explore more from HFW

In February 2008 the LME launches futures trading in steel billets. Steel futures contracts will be traded on the LME like other metals futures, with an option for physical delivery using approved warehouses.

United KingdomConsumer Protection
Peter Bennett
Peter Bennett

In February 2008 the LME launches futures trading in steel billets. Steel futures contracts will be traded on the LME like other metals futures, with an option for physical delivery using approved warehouses.

There are two steel billet futures contracts: Far East and Mediterranean; South Korea and Turkey. Both provide for either Russian or Chinese grade material, and for lot sizes of 65mts (+/-2%). The billet was identified as the material specified in the futures contract because it is the most commonly traded in the physical market. Traders may of course hedge other steel products or grades by reference to steel billet futures.

The launch of steel trading futures is timely. The global steel market is growing and prices are currently high and volatile. The new futures contract will offer the means of protecting against price volatility and consequently should encourage physical steel trading.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

The DMCCA: Subscription Contracts - The Timeline Just Got Shorter

The UK Government has accelerated the implementation timeline for new subscription contract laws under the Digital Markets, Competition and Consumers Act 2024, moving the enforcement date from Spring 2027 to January 2027. This change significantly reduces the preparation window for businesses offering subscription services, requiring urgent review of sign-up processes, renewal notifications, and cancellation systems to ensure compliance with the new consumer protection regime.
United KingdomConsumer Protection
Brodies LLP
Brodies LLP
Article

No More Subscription Traps: New Consumer Rules Arrive Early

The UK Government has brought forward new rules to combat subscription traps, requiring businesses to provide clearer contract information, send renewal reminders, and simplify cancellation processes. These changes under the Digital Markets, Competition and Consumers Act 2024 will take effect in January 2027, with significant penalties for non-compliance including fines up to £300,000 or 10% of turnover.
United KingdomConsumer Protection
Broadfield
Broadfield
Article

From Replacement To Repair: What The EU Right To Repair Directive Means For Businesses

The EU's Right to Repair Directive, which entered into force on 31 July 2026, introduces comprehensive measures to encourage product repair and extend consumer goods' lifespan as part of the bloc's circular economy strategy. Alongside the Ecodesign for Sustainable Products Regulation and the Green Transition Directive, these reforms impose new obligations on manufacturers, importers, and distributors to make products more durable and repairable while providing enhanced consumer information about repair opti
European UnionConsumer Protection
TLT
TLT
Article

Recall Of Fresh Food Meals By Dog Food Brand Years

A UK-based dog food subscription service, Years, has issued a voluntary recall of its fresh meals after nearly 200 dogs developed sudden bilateral dry eye following a recipe change that introduced buckwheat. The company is investigating whether contamination in its buckwheat supply may be linked to the reported cases, while affected pet owners explore potential compensation claims for veterinary costs and related damages.
United KingdomConsumer Protection
Hugh James
Hugh James
Article

Subscription Contracts: What Businesses Need To Know About The New UK Cancel Culture

The UK government has accelerated the implementation of new subscription contract rules under the Digital Markets, Competition and Consumers Act 2024, moving the enforcement date to January 2027. These regulations introduce stricter transparency requirements at sign-up, mandatory cooling-off periods including a new renewal cooling-off window, and simplified cancellation processes designed to eliminate 'subscription traps' that lock consumers into unwanted recurring payments.
United KingdomConsumer Protection
Withers LLP
Withers LLP
Article

New Subscription Rules: Are You Ready For January 2027?

The UK government has accelerated the implementation of new subscription contract regulations, moving the deadline from spring 2027 to January 2027. Businesses selling consumer subscriptions must now rapidly prepare for compliance with the Digital Markets, Competition and Consumers Act 2024, which introduces stringent requirements around pre-contract information, renewal reminders, cancellation methods, and cooling-off periods to prevent subscription traps.
United KingdomConsumer Protection
Mills & Reeve LLP
Mills & Reeve LLP
Article

What Education Providers Need To Know About The New Safeguarding Information Sharing Duty

A new statutory safeguarding information sharing duty comes into force on 30 September 2026, requiring education and childcare providers in England to share relevant safeguarding information without parental consent. What are the key changes to data protection practices, consent requirements, and information sharing thresholds that providers must understand and implement?
United KingdomConsumer Protection
Bates Wells
Bates Wells
Article

A Tailored Regime: PRA And FCA Consult On UK Insurance Captives

The UK's Financial Conduct Authority and Prudential Regulation Authority have unveiled Stage 1 of a new tailored regulatory framework for insurance captives, designed to be proportionate, competitive, and reflective of captives' lower risk profiles. With consultations closing in October 2026 and implementation targeted for mid-2027, the regime promises streamlined authorisation, bespoke capital requirements, and simplified supervision—but will it be enough to compete with established offshore jurisdic
United KingdomInsurance
HFW
HFW
Article

Insuring Offshore Wind Growth Amid Rising Risks, Defects And Claims

The offshore wind industry faces unprecedented insurance challenges as it scales rapidly to meet global energy demands. With subsea cable failures, design defects, and evolving technologies creating complex coverage issues, insurers and wind farm operators must navigate LEG exclusions, series loss clauses, and contingent business interruption claims. How can the insurance market balance risk limitation with the viability of this critical renewable energy sector?
United KingdomInsurance
HFW
HFW
Article

Update To French Insurance Code Regarding Time Limits For Claims Handling In “damage Insurance”

France has enacted new legislation imposing strict time limits on insurers for handling property and casualty insurance claims, requiring offers or reasoned refusals within two to six months depending on expert involvement. The law mandates payment within 21 days of acceptance and grants the French Prudential Authority oversight powers, though implementation details await a forthcoming decree.
FranceInsurance
HFW
HFW
Article

Disclosure Risks For Insurers As A Non-party To English Arbitration Or Court Proceedings

When can insurers' claims handlers' correspondence and documents be disclosed in English arbitration or court proceedings? This article examines the boundaries of Legal Professional Privilege and explores the circumstances under which materials produced by P&I Club and H&M claims handlers may be subject to disclosure obligations, even when the insurer is not a party to the proceedings.
United KingdomInsurance
HFW
HFW
Article

UK National Security Designations – More Restrictions, More Screening, More Complexity

The UK has introduced a new designation regime under the National Security Act 2023, creating criminal offences for supporting designated bodies involved in foreign power threat activity. Commercial organizations must now screen against these non-sanctions designations, which carry penalties of up to 14 years' imprisonment and unlimited fines, as the designated entities will not appear on the UK Sanctions List.
GlobalGovernment, Public Sector
HFW
HFW