The change is made in response to sufficient market liquidity being observed to adjust the weekly price to a daily calculation. This alteration is designed to capture volatility within the market throughout the daily collection window.
The index is structurally designed to balance the influence of all sides of the market, prevent market distortions and provide a representative view of the Black Sea billet spot market.
The index is a tonnage-weighted calculation, intrinsically linked to transactions that occur within the specified delivery window. It will be based on actual transactions, as well as offers, bids and assessments that are reported to Metal Bulletin by participants active in the market.
To bring this price to the market, Metal Bulletin is using the expertise of its team of price reporters as well as its separate index team, which has wide experience of creating indices for use by the metals and steel markets.
The index will be calculated on a $ per metric tonne basis, fob Black Sea and published daily.
All historical data relating to this index proper to te amendment will remain available in the pricing section of the Metal Bulletin website.
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 Vlada Novokreshchenova by email at: firstname.lastname@example.org. Please add the subject heading FAO: Vlada Novokreshchenova, re: CIS export billet index.
To see all Metal Bulletin’s pricing methodology and specification documents go to www.metalbulletin.com/prices/pricing-methodology
Following the market consultation, Metal Bulletin will increase the frequency of the CIS export steel billet index, fob Black Sea ports, assessment from weekly to daily starting on May 21.