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LME Steel Billet contract specifications

LME Steel Billet futures

Contract code FM
Underlying metal Steel billet conforming to nine LME grades of multiple tolerances
Lot size 65 tonnes
Prompt dates
  • Daily: out to 3 months
  • Weekly: 3 out to 6 months
  • Monthly: 7 out to 15 months
Price quotation US dollars per tonne
Clearable currency US dollars
Minimum price fluctuation (tick size)
per tonne
Outright Carries
Ring $0.50 $0.01
LMEselect $0.10 $0.01
Inter-office $0.01 $0.01
Last trading day Up until the close of the first Ring the day before the prompt date
Settlement type Physical
Trading venues Ring, LMEselectinter-office telephone

All contracts subject to LME rules and regulations and LCH.Clearnet 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.