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:
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