LME (London Metal Exchange) originated from the Royal Exchange, London, founded in 1571, and was operated in England until the early 19th century when the Ring exchange method was implemented. Today, LME is a market for the exchange of options and futures on nonferrous metals from all over the world and sets the prices of the nonferrous metal market. In November 2001, Korea was recognized as the 12th operating country, and the SEBANG LME designated warehouse was approved in October 2002, and is currently in operation.
The self-sufficiency rate of nonferrous metals in Korea is under 50%, and in particular, aluminum, consumed in upwards of 1 million tons every year, was imported in its entirety after paying significant logistics costs. However, with the operation of LME-designated warehouses, domestic manufacturers were able to receive materials at the appropriate time to cut down logistics costs, supply products at the right time, and hold small-scale stock, establishing the basis for stable operation.
Also, the LME-designated warehouse serves as an assistant to the national industry, supplying large quantities to the Public Procurement Service which plays a crucial role in domestic industries and the procurement of military materiel.
¡Ü Operating an LME warehouse since 2002, the first in Korea
(Process cargo from Henry Bath, PGS, and CWT, global companies in the operation of LME-designated warehouses)
¡Ü Contribution to the activation of domestic LME-designated warehouses
(Process large quantities through the operation of the largest LME-designated warehouses in Asia in Busan and Gwangyang)
Category | Gamcheon LME Warehouse | Yongdang LME Warehouse | SBNL |
---|---|---|---|
Total Area | |||
Warehouse Area | |||
Maximum Storage Capacity | 35,000tons | 24,000tons | 53,500tons |
Currently, approximately 7,200 pyeong of space in 2 warehouses have been secured and are in operation, boasting a daily storage capacity of approximately 80,000 tons.
Category | Gwangang LME Warehouse | CFS Warehouse | Hapo General Warehouse | External Warehouse |
---|---|---|---|---|
Total Area | ||||
Warehouse Area | 9,886§³ | |||
Maximum Storage Capacity | 24,000tons | 20,000tons | 21,000tons | 7,200tons |