Metal Pages, a U.K. provider of commodity prices and information, plans to introduce an online exchange that will start with trading of metals connected to stainless steel and may expand into tin and zinc.
Metal-Lynx is scheduled to begin operating early next year, Metal Pages said today in an e-mailed statement. Initial trading will include chromium and manganese, it showed. The exchange will have professional-networking features similar to those on LinkedIn Corp.’s website enabling users to form their own trading groups, according to the statement.
“Bringing ferroalloys trading onto an exchange will aid price discovery and increase market efficiency,” Mark Wilson, chief commercial officer at Thompson Creek Metals Co., said in the statement. The Littleton, Colorado-based company is the world’s sixth-biggest molybdenum supplier, according to Macquarie Group Ltd.
Steel producers and mining companies have offered “considerable industry support,” according to the statement. At least one has committed to trade on the exchange, it showed.
Nigel Tunna, managing director of Teddington, England-based Metal Pages, will be co-managing director of Metal-Lynx with Norman Shapiro, who runs trading company Barex Resources, the statement showed.
Global stainless-steel production fell 0.2 percent to 17.2 million metric tons in this year’s first six months, according to the International Stainless Steel Forum. World leader China increased output by 1.1 percent to 7.1 million tons. Molybdenum for delivery in three months dropped 19 percent over the past year on the London Metal Exchange, which introduced a futures contract in 2010. Six contracts were traded last month in total.
To contact the reporter on this story: Agnieszka Troszkiewicz in London at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Carpenter at email@example.com