Note that all contracts are subject to the LME’s rules and regulations and LME Clear span margining.

Contract code HN
Contract type Futures
Deliver 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 LME business day of the contract month.
Daily settlement procedure LME Trading Operations will calculate daily settlement values based on its published procedure
Final settlement procedure1 Final settlement, following termination of the trading for a contract month, will be based on the reported arithmetic monthly average of Argus Steel HRC ex-works Northwest Europe price, which is available from Argus from 16.30 London time 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


1In certain circumstances, the cash-settled futures Index that is used as the Final Settlement Price for this cash-settled future may be known before the last trading date/time. In these circumstances, it will be possible for market participants to enter bids and offers, and to trade, in this cash-settled future on LMEselect and in the inter-office market on the basis of a known price. The Exchange shall not accept any liability for any losses that a market participant may incur as a result of trading activity conducted in these circumstances.

More information

For full contract specification details, please refer to the LME Rulebook and our disclaimer page:

LME Rulebook

Disclaimer page

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