The proposal to amend the index from weekly to daily, which was originally published on September 3, will enable Fastmarkets AMM to better reflect market activity in this ongoing period of unprecedented steel volatility.
The proposed specification will be as follows:
US Midwest Hot-Rolled Coil Index
Price type: Index
Gauge: 0.09 inch-0.38 inch thick x 48-72 inches wide
Quality: ASTM A1011 Commercial Steel and corresponding grades
Quantity: Minimum 50 tons
Location: fob US Midwest mill, normalized
Unit: US dollars per hundredweight
Frequency: Daily, by 5pm New York
Notes: Standard packing, raw materials surcharges included
To provide feedback on this index or if you would like to provide price information by becoming a data submitter, contact Fastmarkets AMM steel correspondent Michael Cowden by email at email@example.com. Please add the subject heading FAO: Michael Cowden, re: US Midwest Hot-Rolled Coil Index.
Fastmarkets AMM has no financial interest in the level or direction of the index.
To see all Fastmarkets AMM’s pricing methodology and specification documents, click here.
Fastmarkets AMM is further extending the consultation period for its proposal the change the frequency of its US Midwest Hot-Rolled Coil Index until Tuesday October 30, to allow for additional market feedback.