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LME Steel Rebar

LME Ferrous

How are the contracts priced?

Daily LME pricing

On a daily basis, the LME calcluates the daily price for LME Steel Rebar using a volume weighted average price (VWAP) based on the transactions that take place on LMEselect between 16:25 and 16:30. The price is published by the LME to market participants at approximately 16:45 alongside an LMEselect market message to inform of the opening and closing of the objection window. Prices, including all tradable months out to contract expiry, are widely disseminated and available via LME licensed data distributors.

Access real time pricing and trading information via our licensed LME data distributor network

Download the full pricing procedures and methodology in LME Notice 15/333: R006 Ferrous Pricing Procedures

Daily prices for months 1-3 appear here on a one-day delayed basis.

LME Steel Rebar closing price

DateMonth 1 - US$ Month 2 - US$ Month 3 - US$ 
23 Mar 442.00 438.50 439.00
22 Mar 442.00 438.50 435.00
21 Mar 444.00 438.50 432.50
20 Mar 448.00 443.50 443.50
17 Mar 450.00 458.00 450.50
16 Mar 448.00 450.50 446.00
15 Mar 448.00 450.50 445.00
14 Mar 448.00 453.00 447.50
13 Mar 447.50 453.00 447.50
10 Mar 453.50 460.00 450.00
09 Mar  453.50 460.00 455.50
08 Mar 451.00 460.00 455.00
07 Mar 451.00 460.00 453.00
06 Mar 449.00 453.50 450.00
03 Mar 450.00 453.50 450.00
02 Mar 446.00 448.00 447.00
01 Mar 450.50 448.00 448.00

Monthly cash settlement pricing methodology

The new LME Steel Rebar contract is cash-settled, and to facilitate this the monthly settlement price will be delivered by Platts, using the Platts Rebar FOB Turkey Port Price.

This assessment reflects the spot price for sales of rebar on an FOB basis in Turkey, using trade, bid and offer information from the global rebar market.

LME Steel Rebar Futures

Contract Name

LME Steel Rebar
Contract code SR
Contract type Futures

Delivery type

Cash settled
Lot size 10 tonnes
Contract period

Monthly out to 15 months

Price quotation US dollars per tonne
Clearable currency US dollars
Minimum price fluctuation (tick size)
per tonne
Outright Carries
LMEselect $0.50 $0.01
Inter-office $0.01 $0.01

Termination of trading Last business day of the contract month until 16:30 London time

Daily settlement procedure

LME Market Operations will calculate daily settlement values based on its published procedure

Final settlement procedure

Final settlement, following termination of the trading for a contract month, will be based on the Monthly Average Index Price of the "Platts Rebar, Turkish exports, FOB Turkey port" Index, which is available from the 16:30 on the last trading day
Trading venues LMEselect and inter-office telephone

Trading hours

 LMEselect  01:00-19:00 London time 
 Inter-office  24 hours a day

 

Margining

Realised variation margins applied

All contracts subject to LME rules and regulations and LME Clear SPAN margining.

Law / Regulation
English Law, with regulation by the LME and the Financial Conduct Authority (FCA). This is a summary of the contract specifications. For full contract specification details, please refer to the LME Rulebook which details the complete rules and regulations of LME contracts.

LME contracts may only be offered or sold to United States foreign futures and options customers by firms registered with the Commodity Futures Trading Commission (CFTC), or firms who are permitted to solicit and accept money from foreign futures and options customers from trading on the LME pursuant to CFTC Rule 30.10.

Arbitration
In the case of unresolved disputes, arbitration is effected via the LME arbitration procedure, and/or by other body agreed by the parties.

Fees and incentive programmes

Market Maker Programme obligations

Market maker obligations

 Download the latest LME ferrous market making programme notice

Fee schedule

Ferrous fees table

Liquidity provider programme

As part of our commitment to promote and enhance trading in our LME Steel Scrap and LME Steel Rebar contracts, we will introduce a liquidity provider programme for these new contracts from 4 January 2016.

The programme will offer volume-based discounted rates against headline trading and clearing fees for Liquidity Providers. Trading volumes on scrap and rebar will be aggregated when calculating the volume threshold., and the total rebate will be calculated based on the volume traded on LMEselect per threshold level.

The programme is open to both LME members and clients of members - any interested party who is not a member of the LME can apply for the programme, and should submit their application via a member.

Application process

We welcome applications from all interested parties. To apply for the programme, please follow the steps below.

1) Review LME Notice 15/263 :A256 for full programme details and requirements, including trading volume thresholds and applicable rebates.

View Notice 15/263 : A256 - New Products Update - Fee Schedules and Incentive Programmes

2) The LME Member should download and complete an application form - clients of members wishing to apply for the programme should ask an LME member to complete the form on their behalf.

Download Ferrous Liquidity Provider Programme Application Form

3) The completed form should be sent to the LME Sales Team by email.

Contact us

If you have any questions about the Ferrous Liquidity Provider Programme, please contact the Ferrous Team.