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October 2008, Issue 13
Welcome to the thirteenth edition of our monthly e-newsletter. If you have any questions, comments or suggestions, please contact news@metalreg.com.
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In this month’s issue:
· LME - to launch Minor Metals Contracts
· CME GROUP - announces launch date of US Hot Rolled Coil Contract
· LME - amends Special Contract Rules for Aluminium Alloy and NASAAC
· CME GROUP/OSE - sign Memorandum of Understanding
· LME - lists additional Brands to its Steel Billet Contracts
· EU-REACH - ECHA issues press release on Pre-Registration
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LME - TO LAUNCH MINOR METALS CONTRACTS
On 4 September 2008, the LME announced that its Board had approved the launch of two minor metals contracts, Cobalt and Roasted Molybdenum Concentrates (Molybdenum Oxide). The contracts will be launched 2Q 2009.
It is anticipated that the Contracts will be similar to existing LME traded base metals; physically deliverable with specified brands and listed warehouses. Contracts to be traded in US dollars, out to 15 months forward, on the LME's electronic platform, SELECT, via the inter-office telephone trading between members and over the LME Ring once a day.
Contract specifications are as follows:-
Cobalt
· Lot Size:- 1 tonne
· Quality:- > 99.3% purity (impurities:- to be set in consultation with industry to ensure maximum liquidity)
· Delivery Points:- Rotterdam, Baltimore and Singapore
· Tick Size:- $0.05 per kilo
Molybdenum
· Lot Size:- 2 tonnes gross of roasted molybdenum concentrates with a nett weight of 1,190Kgs of molybdenum contained.
· Quality:- 59.5% +/- 2.5%
· Impurities:- Copper 0.5% max., Sulphur 0.1% max., Phosphorous 0.05% max.
· Delivery Points:- Rotterdam, Baltimore and Busan, Korea.
· Tick Size:- $0.05 per kilo
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CME GROUP - ANNOUNCE LAUNCH DATE OF US HOT ROLLED COIL CONTRACT
CME Group, which recently purchased Nymex, announced on 24 September 2008, a contract launch date of 19 October 2008 (20 October 2008 trade date) for its US Midwest Domestic Hot-Rolled Coil (HRC) Steel futures contract which will be traded and cleared on CME Globex and Clearport.
The Contract will be financially settled against an index developed by CRU International and reflects an assessment of the prevailing market prices for U.S. Midwest Domestic HRC Steel. The contract size will be 20 short tons with a minimum price fluctuation of $5 per ton and will be listed for 18 consecutive months.
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LME - AMENDS SPECIAL CONTRACT RULES OF ITS ALUMINIUM ALLOY AND NASAAC CONTRACTS
The LME Board approved, on 4 September 2008, effective immediately, the following amendments to the Special Contract Rules of its Aluminium Alloy and NASAAC Contracts:-
Aluminium Alloy Contract
ADC 12.1 Specification, as per the revised version of JIS H 2118:2006 standard, which supersedes the existing JIS H 2118:2000 standard. The new specification amendments are emboldened as follows:-
· Fe 0.6% - 1.0% (previously 0.9% max.)
· Pb 0.2% max (previously no reference)
· Ti 0.30% max (previously no reference)
· Cu 1.5% - 3.5%
· Si 9.6% - 12.0%
· Mg 0.3% max
· Zn 1.0% max
· Mn 0.5% max
· Ni 0.5% max
· Sn 0.2% max
(Others: total 0.50% max. Al - remainder)
NASAAC Contract
· Large Sows (low profile sows):- The bottom width to be increased from 406mm - 508mm (16-20 inches), to 406mm - 533mm (16 - 21 inches).
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CME GROUP/OSE - SIGN MEMORANDUM OF UNDERSTANDING
CME Group announced on 3 September 2008 that it had signed a Memorandum of Understanding (MOU) with Japan's Osaka Securities Exchange Ltd. (OSE). Under this initiative, the Exchanges expect to create additional trading opportunities and increase access to more markets for the customers of both organisations.
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LME - LISTS ADDITIONAL BRANDS TO ITS STEEL BILLET CONTRACTS
The London Metal Exchange has approved the following additional brands which are Good Delivery under its Far Eastern and Mediterranean Steel Billet Contracts:-
· AMSTEEL BANTING, Amsteel Mills Sdn.Bhd., Malaysia
· AMSTEEL KLANG, Amsteel Mill Sdn. Bhd., Malaysia
· ANTARA PASIR GUDANG, Antara Steel Mills Sdn. Bhd., Malaysia
· UMC CHONBURI, UMC Metals Ltd., Thailand
· STAKS KRASNY SULIN, JSC Steel Mill STAKS, Russia
· QIANAN YANSHAN, Qianan Liangang Yanshan Iron & Steel Co. Ltd., China
· QIANAN RONGXIN, Qianan Rongxin Industry & Commerce Co. Ltd., China
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ECHA ISSUES A PRESS RELEASE ON PRE-REGISTRATION
The European Chemicals Agency (ECHA) issued a statement on Friday 19 September 2008 warning companies that, upon review of pre-registration data, some companies are breaching REACH rules and are liable to enforcement actions by Member States. ECHA, therefore, requests that companies only pre-register substances that they intend to register.
It was also noted that, as at 15 September 2008, ECHA had received 325,641 pre-registrations and a breakdown of submission data, by country, was available.
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