This is to reflect the changing situation in the region, where steel mills are now taking orders for 1-2 months ahead, instead of just around one month.
The updated specifications for the index are as follows:
MB-STE-0144 - Steel hot-rolled coil index export, fob main port China, $/tonne
Quality: Q235B/SS400, width 1,250-1,800mm, thickness 3-14mm
Quantity: Min 1,000 tonnes
Location: fob Tianjin, China. Other ports normalized
Delivery window: 4-8 weeks
Unit: US$ per tonne
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 amendment came into effect on February 24.
To provide feedback on this amendment or if you would like to provide price information by becoming a data submitter to this index, please contact Paul Lim and Miranda Song by email at firstname.lastname@example.org. Please add the subject heading ‘FAO: Paul Lim/Miranda Song, re: China export HRC index.’
To see all of Fastmarkets’ pricing methodology and specification documents, please go to www.fastmarkets.com/about-us/methodology.
Fastmarkets has extended the delivery window of its fob China export hot-rolled coil index to 4-8 weeks from 4-6 weeks previously, after a one-month consultation.