Proposal to amend UAE, Saudi Arabia HRC, CRC import price assessments

The affected prices are MB-STE-0125 Steel hot-rolled coil import, cfr Jebel Ali, UAE, $/tonne and MB-STE-0124 Steel cold-rolled coil import, cfr Jebel Ali, UAE, $/tonne, and MB-STE-0113 steel hot-rolled coil import, cfr Saudi Arabia.

Following feedback from market participants, Fastmarkets proposes changing the payment terms for the three price assessments to “Letter of Credit,” replacing the current “prompt payment upon delivery,” with the addition of “180 days from Bill of Lading LC payment” on the Saudi Arabia price.

Fastmarkets also proposes to amend the quantities in all three prices, with the UAE HRC import price changing to 5,000 tonnes, from the current standard order 1,000 tonnes; the UAE CRC import price changing to 3,000 tonnes, from the current 500-1,000 tonnes; and the Saudi Arabia HRC import price changing to 5,000 tonnes, from the current 500-1,000 tonnes.

The proposed new specifications are as follows, with the proposed amendments in italics:

MB-STE-0125 – Steel hot-rolled coil import, cfr Jebel Ali, UAE, $/tonne
Quality: Width 1,000-3,000mm, thickness 1.5-3mm
Quantity:5,000 tonnes
Location: CFR Jebel Ali
Timing: 6-8 weeks
Unit: USD/tonne
Payment terms:Letter of Credit
Publication: Weekly. Tuesday, 2-3pm London time

MB-STE-0124 Steel cold-rolled coil import, cfr Jebel Ali, UAE, $/tonne
Quality: Width 1,000-3,000mm, thickness 0.70-2mm
Quantity:3,000 tonnes
Location: CFR Jebel Ali
Timing: 6-8 weeks
Unit: USD/tonne
Payment terms:Letter of Credit
Publication: Weekly. Tuesday, 2-3pm London time

MB-STE-0113 Steel hot-rolled coil import, cfr Saudi Arabia, $/tonne
Quality: Width 1,000-3,000mm, thickness 1.2mm
Quantity:5,000 tonnes
Location: CFR Jeddah
Timing: 6-8 weeks
Unit: USD/tonne
Payment terms:Letter of Credit, 180 days from Bill of Lading LC payment
Publication: Weekly. Tuesday, 2-3pm London time

These prices are a part of the Fastmarkets steel price package.

The consultation period for this proposed amendment will start on Monday May 20 and ends on Thursday June 20. The amendment will then take place, subject to market feedback, from Tuesday June 25.

To provide feedback on these prices, or if you would like to provide price information by becoming a data submitter to these prices, please contact Serife Durmus by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Serife Durmus re UAE, Saudi Arabia HRC, CRC import prices.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.