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May 08, Issue 8
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Welcome to 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 - Commencement of Steel Billet Contracts 'Hard Launch'
· LME - Lists additional Brands to its Steel Billet Contracts
· LME - Announces plans to extend Copper and Aluminium Futures Contracts
· DGCX & SHFE - Sign Memorandum of Understanding (MOU)
· SHFE - International Producers Timeline for Re-Registration Clarified
· EU REACH REGULATION – The European Chemical Agency Clarifies 'Only Representative' (OR) Responsibilities
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LME 'HARD LAUNCH' OF STEEL BILLET CONTRACTS
On Monday, 28 April 2008, the LME's 'hard launch', open-outcry trading, of its two regional Steel Billet Futures Contracts (Far East and Mediterranean) commenced. Since the Exchange's 'soft launch' of the two contracts in February, nearly 500 lots or 32,500m.t. of billet, with a value in excess of $27 million, has been traded.
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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:-
- EKINCILER SARISEKI - Ekinciler Demir ve Celik Sanayi A.S., Turkey
- IDC ALIAGA - Izmir Demir Celik Sanayi A.S., Turkey
- CHELYABINSK METALLURGICAL - Mechel Chelyabinsk Metallurgical Plant OAO
- ALCHEVSK - OJSC "Alchevsk Iron & Steel Works", Ukraine
- DNEPROVSKY - OJSC "Dneprovsky Integrated Iron & Steel Works", Ukraine
- PERWAJA KEMAMAN - Perwaja Steel Sdn Bhd, Malaysia
- WORLD BEST KAOHSIUNG - World Best Co. Ltd., Taiwan
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LME ANNOUNCES PLANS TO EXTEND ALUMINIUM AND COPPER FUTURES CONTRACTS
Martin Abbott, LME Chief Executive, announced at the CRU Copper Conference, held during CESCO Week in Santiago that the London Metal Exchange plans to extend the prompt dates for its Copper and Primary Aluminium Contracts out to 123 months (10 years). The exact date of the commencement of these changes is to be confirmed but it is intended that these contract extensions are operable by end 2008.
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DGCX & SHFE - SIGN MEMORANDUM OF UNDERSTANDING (MOU)
The Dubai Gold & Commodity Exchange and The Shanghai Futures Exchange signed on 16 April 2008 a Memorandum of Understanding (MOU) for futures trading. The partnership will facilitate deeper co-operation in areas such as product development, clearing and technology. This will add a new dimension to the information and expertise that exists in the United Arab Emirates and China.
For further information, go to:- http://www.dgcx.ae/mediapressrelease.aspx
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SHFE - CLARIFY TIMELINE FOR LISTED INTERNATIONAL PRODUCERS TO RE-REGISTER THEIR BRANDS
The Shanghai Futures Exchange recently issued a paper "Notes of SHFE Non-Ferrous Metal Delivery Product Registration" which follows their "Non-Ferrous Metal Delivery Product Registration Guidelines (Revised)" issued 20 April 2007.
It is a requirement that all current SHFE international producers, listed under the SHFE's Copper Cathode (Cu-CATH-1) and Primary Aluminium Contracts (Al. 99.70%), will need to submit their re-registration documentation to the Exchange by no later than 20 March 2009. If the listed international producer does not submit re-registration documentation by 20 March 2009, their listing will no longer be valid. To obtain a re-listing after this date, the SHFE's Full Registration procedures will need to be followed.
To download a copy of the SHFE's guidelines, issued 20 April 2007, please go to:-
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EU REACH REGULATION - CLARIFICATION OF ONLY REPRESENTATIVES (OR) RESPONSIBILITIES
During a joint EU Commission/European Chemical Agency (ECHA) meeting held in Brussels, on 14 April 2008, to mark the launch of REACH pre-registration requirements, it was clarified that the Commission's earlier interpretation of an Only Representative's responsibilities were wrong. For example, it was previously considered by the Commission that an OR would submit one registration dossier with aggregated tonnages covering all of the non-EU manufacturers that it represents. Now, however, an OR, will have to submit separate registration dossiers for each company it represents.
To raise awareness, ECHA has launched a website dedicated to pre-registration which can be accessed by clicking on:-
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