CME Group (CME) Declares $0.70 Quarterly Dividend; 1.5% Yield

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European automakers BMW, Volvo to trial new LME steel contracts

November 6, 2018 8:25 AM EST

By Maytaal Angel and Pratima Desai

LONDON (Reuters) - European automakers BMW and Volvo plan to experiment with steel contracts to be launched by the London Metal Exchange early next year, a move which could eventually change the way the industry hedges and prices contracts, industry sources said.

The LME is launching three hot rolled coil (HRC) steel futures covering Europe, North America and China early next year, and industry sources told Reuters automakers such as Volvo and BMW were interested in using them.

Hot rolled coil (HRC) is a flat steel used... More