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LME Steel Scrap

LME Ferrous

How are the contracts priced?

Daily LME pricing

On a daily basis, the LME calcluates the daily price for LME Steel Scrap 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 Scrap closing price

DateMonth 1 - US$ Month 2 - US$ Month 3 - US$ 
22 Jun 276.00 286.00 286.00
21 Jun 276.00 283.00 286.00
20 Jun 276.00 287.50 287.50
19 Jun 276.00 288.00 289.00
16 Jun 276.00 285.00 285.00
15 Jun 276.00 283.00 283.00
14 Jun 276.00 280.00 281.00
13 Jun 276.00 280.00 280.50
12 Jun 276.00 283.00 283.00
09 Jun 274.50 277.00 277.00
08 Jun 271.00 275.00 271.50
07 Jun 270.00 272.50 270.00
06 Jun 270.00 272.50 270.00
05 Jun 273.00 272.50 275.00
02 Jun 277.00 275.00 275.00
01 Jun 277.00 277.00 277.00

Monthly cash settlement pricing methodology

The LME Steel Scrap contract is cash-settled, and to facilitate this the monthly settlement price will be delivered by The Steel Index (TSI), using the TSI Turkish Imports HMS #1&2 80:20, CFR Iskenderun Port Price.

TSI’s pricing methodologies are designed to produce a price which is representative of the spot trade market in scrap, by taking scrap spot trade data from a global network of data providers and formulating a price from that.

 Find out more about the TSI Turkish Scrap Imports Index and how it is calculated

Access TSI HMS #1&2 80:20 Turkish Import Prices on Platts website

LME Steel Scrap Futures

Contract Name

LME Steel Scrap
Contract code SC
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 13:30 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 "TSI Scrap HMS#1 and HMS#2, 80:20 Turkish Imports CFR Iskenderun Port" Index, which is available from the 13:30 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



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.

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.