LME warehousing proposals unfair, insufficient – Eurofer

European steel association Eurofer has said the steel industry on the continent has “serious concerns” about the new rules put forward in the London Metal Exchange’s consultation on changes to its warehouses policy, released on July 1.

“Unfair practices” under the new LME policy could put the “normal functioning” of the metals market in jeopardy, according to Eurofer. 
“Eurofer believes that the ‘load-in, load-out’ proposal is based on arbitrary factors. These should be re-assessed taking into account three key elements: market conditions, metal requirements of physical users and the specificities of warehousing sites,” the association said.

“The current proposal favours metal producers and non-physical users rather than physical end-users. Moreover, the ‘load-in, load-out’ proposal will have...

Published

Claire Hack

October 03, 2013

16:52 GMT

London