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

Contract Unit 100 metric tons
Price Quotation U.S. Dollars and Cents per metric ton
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:15 p.m. New York time/ET (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)
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)
Minimum Price Fluctuation $0.01 per metric ton ($1.00 per contract)
Product Code CME Globex: SSF
CME ClearPort: SSF
Open Outcry: SSF
Clearing: SSF
Listed Contracts Trading is conducted in 24 consecutive months
Settlement Method Financially Settled
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).
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 869
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing

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