[ferro-alloys.com]The volume of steel scrap futures traded on the London Metal Exchange's electronic platform LMEselect reached a record 633 lots (6,330 mt) on Tuesday.

Daily trading volume has averaged around 170 lots in the past three months.

In June, the bourse cleared a daily average of 1,800 lots of the scrap futures, of which trading via LME Select made up 14%. A substantial part of the volume is still traded through brokers via phone.

While there appeared to be no specific growth trend for volume traded on-screen, the scrap paper market has been becoming increasingly competitive, with new brokers and traders entering the market amid higher trading volumes, according to sources.

This year, 2.14 million mt of steel scrap has been traded through the exchange's contract, reflecting the increasing attention the scrap futures receive from players in physical and financial markets, which resulted in several new brokerages having started to trade, or planning to trade, the contract in coming months, according to S&P Global Platts data. 

• [Editor:王可]