What will happen to Hot Rolled Steel Coil sitting at US warehouses
The US market has better experience in futures trading. However, the LME first delisted its locations in the US. What went wrong?
Turkey has a bigger merchant billet market than the US and so that is the market our contract needs to serve.
What will happen to Hot Rolled Steel Coil sitting at US warehouses? What is the volume of billets in the US? Will you consider moving them into other warehouses, with the risk of high transportation costs? Or will you supply them to the US domestic market?
Any steel billet on LME warrant remaining in the delisted locations on the delisting date (May 30, 2014) will be moved to another LME-approved warehouse at the expense of the warehouse company concerned. As of December 19, there are 42,770 metric tons of steel billet in US locations