London-based metals and steel trading house Ronly said it ceased trading in iron ore, freight and coal derivatives this month as it focuses on growth in trading in other areas such as steel and steel raw materials in Asia.
The privately owned firm cut two trading jobs at its Ronly Bulk Trading subsidiary, although it will continue to exist and may resume operations at some point in the future, a spokesman for Ronly said on Monday.
It was decided that certain prop trading areas of Ronly should cease to operate, he said.
The decision we have taken is based on where we see the growth areas Ronly should focus on.
Ronly is looking to expand its physical steel and steel raw materials trading operations in Asia this year, he said.
The spokesman added that this was not dictated by market conditions but was part of a change of the company's internal strategy.
Ronly's strategy has changed since former chief executive, co-founder and shareholder Robby Afnaim left the company last November and sold his shares to the other founder and shareholder, Nori Bali, a source close to the firm said.
The trading house registered healthy profits in 2009 and 2010 but suffered a bit due to weaker market conditions in 2011, sources close to the company said.
(editing by Jane Baird)