The proposed change will allow the capture of a larger number of transactions during the day and therefore will help to increase the liquidity of the index.

The deadline for data submissions to the CIS Billet Index will be changed from 1.30pm to 3pm London time daily. Data received after this time will not be included in the calculation of the index, which will be published at 4pm.

The data collection window is the 24-hour period up to 3pm on the day of publication. Only price data submitted and communicated to Fastmarkets within the data collection window will be included in the calculation of the daily index. The index is reflective of the price levels seen during the stated collection period.

Fastmarkets has no financial interest in the level or direction of the index.

The consultation period for this proposed amendment will end one month from the date of this pricing notice, on December 5, with changes taking place on the same day, subject to market feedback.

To provide feedback on this price, or if you would like to provide price information by becoming a data submitter, please contact Vlada Novokreshchenova by email at: pricing@fastmarkets.com. Please add the subject heading ‘FAO: Vlada Novokreshchenova, re: CIS export billet index’.

To see all Fastmarkets’ pricing methodology and specification documents, go to https://www.metalbulletin.com/prices/pricing-methodology.html