Proposal to discontinue US Midwest ferrous scrap No1 busheling index

This proposal follows the transition of the settlement of the Chicago Mercantile Exchange No1 busheling contract to Fastmarkets’ assessment of the Chicago No1 busheling price on December 16, 2024.

The index has remained active in the interim to support existing contracts that are settled against that calculated number.

The specifications for the affected index are as follows:

MB-STE-0422 steel scrap No1 busheling, index, delivered Midwest mill, $ per gross ton
Quality: ISRI Grade 207 – No1 busheling Ferrous busheling. Compliant to ISRI Specifications 7 No1 busheling. Clean steel scrap, maximum size 2 feet by 5 feet, including new factory busheling (sheet clippings, stampings, etc.). May not include old auto body and fender stock. Free of metal coated, limed, vitreous enamelled and electrical sheet containing over 0.5% silicon.
Quantity: 500 gross tons
Location: Delivered US Midwest mill – any mill in Illinois, Indiana, Michigan, Wisconsin, Iowa and NW Ohio
Timing: Within 30 days
Unit: US dollars per gross ton
Payment terms: Net 30 days post delivery
Publication: 10th of each month by 4pm New York time (or following working day)
Notes: All origins.

This index is part of the Fastmarkets scrap package.

All short-term forecasts associated with this price produced by the Fastmarkets research team, if any, will also be discontinued.

The consultation period for this discontinuation will end on Friday October 31. An update to this notice will be published on Wednesday November 5. Subject to market feedback, the proposed change would take place at the start of January 2026.

To provide feedback on this proposal to discontinue, or if you would like to provide price information by becoming a data submitter to this index, please contact Amy Hinton by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Amy Hinton, re: US ferrous scrap indices for No1 busheling.”

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.