$56 billion of ferrous scrap to be traded in 2011

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Over 120 million tonnes of cross border trade of ferrous scrap metal worth $56 billion is predicted to be traded in 2011.

The report was compiled by Freight Investor Services in association with The Steel Index (TSI), who have also launched a swaps service for steel.

FIS senior steel derivatives broker Sam Mehew said: “FIS and TSI together helped to make the steel and scrap swaps market a reality and this report is ideally-timed in providing the kind of information traders need to get more closely involved.

“The first steel and scrap swap trades are a demonstration that there is an appetite for these products and this report is another tool to help unlock their potential.”