The decision follows a a one-month consultation, which started on Friday March 14 and ended on April 11, with the amendment taking effect from Wednesday April 16. No comments were submitted during the consultation period.
Following the end of the consultation, the name of the index has been modified to steel scrap, sheared HMS 1&2 (80:20 mix), index, domestic, delivered UAE.
This change clarifies that the index covers sheared HMS 1&2 and not unprocessed HMS 1&2 material, which is also available in the market.
The change to the name of the price will not affect historical data and will not change the specifications. Since the launch of the assessment in October 2023, Fastmarkets has been pricing sheared HMS 1&2 in the UAE, as detailed by the methodology, but this was not made clear in the price name.
Specifications contained in the old name can still be found in Fastmarkets’ pricing specifications and methodology.
The proposed amendment is as follows (change in italics):
MB-STE-0910 Steel scrap sheared HMS 1&2 (80:20 mix), index, domestic, delivered UAE, dirhams per tonne
Quality: Sheared, obsolete, light scrap comprising material such as deformed bars and wire from demolished buildings. Material is processed and typically cut into 2-3x1ft lengths.
Quantity: Min 100 tonnes
Location: Delivered consumer United Arab Emirates (UAE)
Timing: Within four weeks
Unit: UAE dirhams per tonne
Payment terms: Cash, Letter of Credit
Publication: Tuesdays, 4-5pm London time.
This price is a part of the Fastmarkets scrap package.
To provide feedback on this price, or if you would like to provide price information by becoming a data submitter to this price, please contact Lee Allen by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Lee Allen: re UAE HMS 1&2 index.”
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.
