For price assessments that currently do not have a specified cutoff for data submissions, the new deadline will be 4pm New York time on the day the price is scheduled to be updated, with prices to be published by 5pm. These new deadlines will increase production efficiencies and bring pricing practices in the United States in line with global company standards.
Data received after 4pm will not be included in the calculation of the corresponding assessment. Only deals or trades, bids and offers submitted and market participants’ own assessments communicated to Fastmarkets AMM prior to the deadline will be included. Fastmarkets AMM’s assessments are reflective of the data gathered since the publication of the previous price.
The consultation period for this proposal was launched on February 27 and ended on Friday March 29.
This change affects assessments for US steel, non-ferrous scrap, minor metals and ferro-alloys prices, as listed in the current methodology documents here. It does not affect cutoff times for primary non-ferrous market assessments or Fastmarkets AMM indices, including the US Midwest hot-rolled coil index, US Midwest ferrous scrap indices or US ferrous scrap export indices.
The change also does not affect domestic ferrous scrap market assessments. A consultation proposing the implementation of data submission deadlines for the US ferrous scrap markets will be issued separately.
To provide feedback on this change, or if you would like to provide price information by becoming a data submitter for any of these price series, please contact Thorsten Schier by email at: pricing@fastmarkets.com. Please add the subject heading FAO: Thorsten Schier, re: Data Submission and Publication Deadlines.
Fastmarkets AMM has no financial interest in the level or direction of its assessments and indices.
