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New platform for e-trade of steel scrap lists first material

London (Platts)--16 Jul 2012 1011 am EDT/1411 GMT


Scrap Connection, the electronic platform for physical trading of containerized scrap, listed its first transactions Thursday as it formally launched with a ceremony on the trading floor of the Amsterdam Stock Exchange, a company source said Monday.

The value of the material listed is around $850,000, Chris Yerbey of the platform told Platts. The platform opened July 2, he said.

He did not comment on the price/mt of the material or the amount of volume involved.

The platform initially started with trading of ferrous scrap and will expand into aluminium in two-three months.

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It will handle exports from the US, UK, Netherlands and Belgium going to India, Pakistan and Taiwan, with scrap processors and steel/aluminium foundries and mills the main clients.

To encourage liquidity the average size of trades will be low in the beginning.

"Our target is $150,000/transaction in the first couple of months, increasing to $250,000 over the next few months," Yerbey said.

By next year Scrap Connection hopes to reach an annualized transaction volume of around $250 million.

The platform gets commission on trades, currently equating to around 1-2% of monthly transaction volumes.

--Colin Richardson; colin_richardson@platts.com
--Edited by Jonathan Fox, jonathan_fox@platts.com




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