The London Metal Exchange has approved Bilbao in northern Spain as a delivery point for its steel billet contract last week.
The delivery point or warehouse location would be the first for the LME''s steel contract in Spain.
They must be in areas of political and economic stability with appropriate regulatory systems, be served by a good transport network and have the facility to store goods without payment of duty.
Delivery points already listed include Detroit, Chicago, New Orleans, Tekirdag, Johor, Incheon, Antwerp, Rotterdam, Dubai, and Kocaeli.
( source: www.steelguru.com )