We have a correction to make to a previous article we printed on September 10th entitled LME Steel Bill Price Correlates to Asian Market Semis Price Movements. We will hold our hands up we used the wrong LME data point, the graph we posted in the article tracked the Mediterranean LME Steel Billet price against the domestic Chinese Steel semi’s price points not the LME Far East Billet price. Just in case anyone out there lifts our graph and uses it elsewhere they should be aware of the discrepancy. Having re-run the numbers on the Far East price the correlation still holds reasonably well and does not negate the point we were trying to make that to fulfill its potential, the LME Billet quotation will need to do much more than be a buy/sell market for billets. Products will need to grow around the LME quotation that provide hedging services for buyers and sellers of a broader range of steel products where a robust correlation to the billet price can be proved over time. To that end we will continue to follow and evaluate the LME Steel Billet quotations ” both Mediterranean and Far East and seek to highlight opportunities when we see them.