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Steel Billet, FOB Black Sea (Platts) Futures Contract Specs

Product Symbol SSF
Venue CME ClearPort, Open Outcry (New York)
Hours
(All Times are New York Time/ET)
CME ClearPort: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Open Outcry: Monday – Friday 9:00 a.m. – 2:30 p.m. (8:00 a.m. – 1:30 p.m. CT)
Contract Size 100 metric tons
Price Quotation U.S. Dollars and Cents per metric ton
Minimum Fluctuation $0.01 per metric ton ($1.00 per contract)
Floating Price The Floating Price for each contract month is equal to the average price calculated for all available price assessments published for “Steel Billet – FOB Black Sea” for that given calendar month by Platts (Platts).
Termination of Trading Trading terminates on the last business day of the contract month (follows the UK banking holiday schedule).
Listed Contracts Trading is conducted in 24 consecutive months
Settlement Type Financial
Position Limits NYMEX Position Limits
Rulebook Chapter 869
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.

About Steel Billet

Steel billet swap futures and futures are hedging and price risk management tools against the volatile steel industry. As a steel product, steel billet is semi-finished and is produced in standardized merchant grades. It can be easily and relatively cheaply stored because it is less prone to damage than other steel end-products.

Benefits of trading steel billet include:

  • Lock in profit margin with protection from adverse price movement
  • Improve ability to budget
  • Guarantee cash flow

Things to know about the contracts:

  • Settlement is financial
  • Can be traded electronically on CME ClearPort or via open outcry (New York)
  • Trading is conducted in 24 consecutive months
  • Contract size is 100 metric tons
  • Price quotation is in U.S. Dollars and Cents per metric ton
  • NYMEX Position Limits

Read the Steel Billet Fact Card