Fastmarkets made this decision because responses to the original consultation so far could not definitively define the liquidity of a daily spot market and its suitability for a daily price assessment.
The proposed specification is as follows:
Assessment: Steel scrap HMS 1&2 (80:20) containerized import, cfr main port Vietnam, $/tonne
Quality: Heavy melting scrap (HMS) 1&2 (80:20) mix
Location: cfr southern Vietnam
Timing: Up to three months
Unit: US$ per tonne
Payment terms: Letter of credit
Publication: Daily, 5-6pm Singapore time
To provide feedback on this proposal or if you would like to provide price information by becoming a data submitter to this price, please contact Paul Lim by email at email@example.com. Please add the subject heading 'FAO: Paul Lim, re: daily containerized ferrous scrap cfr Vietnam'.
To see all Fastmarkets’ pricing methodology and specification documents go to https://www.fastmarkets.com/about-us/methodology.
Fastmarkets is extending until August 31 the consultation period for its proposal to launch a daily containerized steel scrap cfr Vietnam assessment.