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Last month alone, Singapore Exchange (SGX) cleared a record 61.78 million tonnes of iron ore derivatives, up 157 percent from a year ago. He conceded, however, that for the contracts to take off, every part of the industry needs too be on board, including steelmakers, who are these days only dipping their toes into what is by now a fully liquid iron ore derivatives market. It told Reuters ahead of the metal industry’s annual LME Week industry gathering in London that the cash-settled steel futures will be Europe-based, though it hopes eventually to launch similar contracts in other regions.īut the exchange faces an uphill task, with its reputation burnt by the troubled billet contract, banks withdrawing from the commodities business and steelmakers outside China still reluctant, on the whole, to use derivatives. The exchange, the world’s biggest marketplace for trading base metals, has been under pressure to boost earnings ever since it was bought by Hong Kong Exchanges and Clearing (HKeX) in 2012 for $2.2 billion. The LME said in June it would launch new steel rebar and scrap contracts next year, adding that it was committed to its existing billet future, even as it admitted the contract was not functioning properly.
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LONDON, Oct 20 (Reuters) - The London Metal Exchange (LME) has attracted little support so far for its planned steel derivatives, struggling to overcome limited appetite for steel contracts outside China, including for its own troubled billet future.