The proposed amendment reflects the changing situation in the region, where steel mills are now booking orders one or two months ahead, instead of around one month in advance.
The amended specification will be as follows:
MB-STE-0144 - Steel hot-rolled coil index export, fob main port China, $/tonne
Quality: Q235B/SS400, width 1,250-1,800mm, thickness 3-14mm
Quantity: Min 1,000 tonnes
Location: fob Tianjin, China. Other ports normalized
Timing: 4-8 weeks
Payment terms: Letter of credit on sight
Publication: Daily, 4.30pm Shanghai time
Notes: Contains at least 0.0008% boron to qualify for tax rebate of 10%, subtracted from 13% VAT.
Data history as an assessment from February 2006 and as an index from October 2017
The one-month consultation period for this proposed amendment ends on Saturday February 22, with the change taking place - subject to market feedback - from Monday February 24.
To provide feedback or if you would like to provide price information by becoming a data submitter to this index, please contact Paul Lim or Miranda Song by email at firstname.lastname@example.org.
Please add the subject heading ‘FAO: Paul Lim/Miranda Song, re: northern China HRC price assessment.’
To see all Fastmarkets’ pricing methodology and specification documents go to www.fastmarkets.com/about-us/methodology.
Fastmarkets is proposing to change the timing in its fob China export HRC index to 4-8 weeks from the current 4-6 weeks.