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BARCELONA, Spain, March 7: The London Metal Exchange (LME) and New York Mercantile Exchange (NYMEX) are both readying themselves for the possible launch of a steel futures contract, exchange executives said on Tuesday.
The LME will soon announce which data provider it will work with to compile the steel price index that would be used as the basis price for a futures contract, exchange chief executive Simon Heale said at the CRU World Steel Conference.
We have to create a new reference price, or work with an existing price compiler...we hope to announce shortly which compiler or compilers we will work with,” Heale said.—Reuters
