but who would not like to buy Aluzinc steel coil for $300/mt?
The Aluzinc steel coil price is currently at about $300/mt, compared to $515/mt FOB for ex-Black Sea billet, and the LME still has 55,700 mt of billet in its warehouses. Please correct me if I miss something, but who would not like to buy Aluzinc steel coil for $300/mt?
We anticipate that the gap between the Black Sea price and the LME price will narrow following the changes to the contract. The current gap has arisen because of the length of time needed to take delivery of steel from US warehouse locations.
We know that China has an established futures market tradition. After the acquisition of the LME by HKEx, what are your projects for Far Eastern markets? Contracts on RMB basis were reportedly planned to be launched. What sort of opportunities are you expecting?
For now, our focus for steel is on helping the industry in Turkey to manage risks using our existing products.