LME points to increased ferrous scrap trading

The London Metal Exchange (LME) says its Steel Scrap contract experienced a one-day record in volume on a day in May, and the month was among its most active ever for the contract.

“LME Steel Scrap traded over 550,000 metric tons last month, the third highest ever,” the exchange writes as part of its June monthly e-newsletter.

The LME continues, “May also saw 124,440 metric tons traded in one day alone—a record for scrap.” The LME adds that open interest for the contract grew also, passing the 200,000 metric tons threshold in May, “for the first time since launch.” The LME Steel Scrap contract was launched in late 2015.