IRON and STEEL
The first trade arranged by a registered intermediate broker (RIB) was completed on the London Metal Exchange's fob China hot-rolled coil (HRC) Argus contract today.
The 1,000 t/month trade was done through Henry Herbert at GFI, and was a spread trade for January-February, with the former at $450/t and latter at $445/t.
The fob China contract also set a new daily trading record of 1,567 lots (15,670 tonnes) at the end of November, which was the second best month in outright volume terms since its launch in March.
Fob China HRC prices were strong throughout November, with Argus' index rising from $427/t at the beginning of the month to $460/t fob. Prices were so strong that China actually imported coil, and other products, from bulk exporters, including India, Taiwan and the CIS.
Exporters booked fixed price at low levels earlier in the month, before watching the market surge.