Corus left shoulder or the foothills?

Let's hope you've found the CORRR in Corus Ace. Just what I want in my Xmas stocking! Lady luck may help the sp break out over the hols =¦;->

The London Metal Exchange is beginning the short-listing of price compilers who could work with the exchange to develop and publish LME steel reference prices for at least six benchmark steel products, the LME saidWednesday.

"The decision on the chosen compiler(s) will be announced in the second quarter of 2006 and is part of the process through which the LME will develop price risk management tools for the steel industry," the LME said.

Reference prices could be established for hot rolled coil in NAFTA, Europe and the Far East; and billets in Turkey, NAFTA and the Far East, the LME said, adding that if, after a year, these prices "have gained credibility within the steel industry and the LME membership," it will take a decision on whether to launch steel futures contracts.

"I am impressed by the quality and quantity of the response that we have received during this tender process, and I am confident that we will be able to establish, and publish, a range of credible reference prices for the steel industry," said LME chief executive Simon Heale.

"We are on track to complete this part of the process which demonstrates the Exchange's commitment to develop risk management tools that will ultimately bring clear benefits to all parts of the steel supply chain."