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“During the first six months, merchants and traders will put volumes in to get liquidity going,” a broking source said. “If that works, manufacturing companies including BMW and Volvo will ask suppliers to make offers on the basis of LME prices for new, small contracts, see how it works.” cufflinks wholesale usa uk sale. One source said BMW already uses iron ore derivatives as a proxy for hedging some of its steel costs, so could move with relative ease to trading the new LME contracts. BMW said it is currently pursuing a “hedging strategy” and aims to “increase planning reliability for the company”..
Volvo said: “We continuously review our raw material strategies however no decisions have been taken on hedging.”. Automakers, alongside construction firms, banks, brokers, merchants and steel service centers, have traditionally been open to steel futures, while steelmakers have mostly been opposed, concerned about potential loss of pricing power cufflinks wholesale usa uk sale. Industry sources say automaker interest bodes well for the contracts, but they also stressed that new contracts usually take years to gain traction, adding that a lack of interest from steelmakers could slow the process..
“From what I’ve seen, first merchants get involved, then prop traders, then service centers or stockists cufflinks wholesale usa uk sale. Eventually mills start offering steel on an index (linked price),” said a source at an LME brokerage. Sources involved in broking and looking at providing liquidity for the new contracts say they are talking to leading steelmakers about using the new contracts. The LME already has contracts for steel scrap SSCc3 and for steel rebar SRRc2, a type of construction steel. Volumes have been growing modestly since the contracts’ 2015 launch..
Some 4.2 million tonnes of scrap and 500,000 tonnes of rebar have been traded on the LME in the year to date, versus 3 million tonnes of scrap and 644,000 tonnes of rebar traded last year, according to Refinitiv Eikon data. The LME, the world’s oldest and largest metals marketplace, is owned by Hong Kong Exchanges and Clearing Ltd (0388.HK) cufflinks wholesale usa uk sale. Having lost some market share in recent years to the CME Group (CME.O) and Chinese Shanghai Futures Exchange (ShFE), it is aiming to make inroads into steel, a global industry worth an annual $900 billion..
BRUSSELS (Reuters) – Germany’s Finance Minister Olaf Scholz said on Tuesday the European Commission should revise its plan for a EU-wide tax on large digital companies and stressed the new levy should be applied only if there is no global deal by the summer of 2020. Speaking to EU finance ministers at a streamed meeting in Brussels, Scholz also said that a revised proposal should reduce the scope of the tax and exclude the sale of data and the internet of things – sectors that if included could result in the taxation of German carmakers cufflinks wholesale usa uk sale.