Although Fastmarkets believes that its monthly trends have been correct, there has been feedback from the market that ferrous scrap turnings in Cincinnati no longer reflect actual transaction prices, due in part to market dislocations from the peak of the Covid-19 pandemic last year.
The adjustments to the ferrous scrap turnings price in Cincinnati will be made in December with the monthly pricing settlement.
The original notice for the 30-day consultation was published October 19.
The specifications for the affected scrap grade are as follows:
MB-STE-0253
Assessment: Machine shop turnings
Quality: Clean steel or wrought iron turnings, free of iron borings, nonferrous metals in a free state, scale, or excessive oil. May not include badly rusted or corroded stock.
Location: FOB US/Canada, specified city
Unit: USD per gross ton (Canadian cities in Canadian currency/net tons)
Publication: Monthly
Notes: ISRI Code: 219
To provide feedback on this proposal, or if you would like to provide price information by becoming a data submitter to the ferrous scrap assessments, please contact Sean Barry at pricing@fastmarkets.com. Please add the subject heading: FAO: Sean Barry re: Cincinnati turnings price.
To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.
