These new price assessments, and accompanying written content, will significantly boost Fastmarkets' coverage of the Asia ferrous scrap complex, providing subscribers with accurate pricing data together with detailed and insightful market commentary.

After undertaking an extensive consultation period that began on February 17, Fastmarkets has launched ferrous scrap prices with the below specifications.

Assessment: Steel scrap H2 Japan origin import, cfr South Korea (MB-STE-0879)
Quality: Old steel of Japanese origin, sheared or cut to pieces measuring 3-6mm thick and no longer than 1.2 meters in any direction
Quantity: Minimum 2,000 tonnes (bulk)
Location: cfr South Korea main port
Timing: Up to 4 weeks
Unit: ¥/tonne
Payment terms: Letter of credit on sight
Publication: Weekly. Friday, 5-6pm Singapore time

Assessment: Steel scrap HMS 1&2 (80:20) deep-sea origin import, cfr South Korea (MB-STE-0880)
Quality: HMS 1&2 (80:20 mix) compliant to ISRI specifications 200 – 206.
Quantity: Minimum 20,000 tonnes (bulk)
Location: cfr South Korea main port
Timing: Up to 3 months
Unit: USD/tonne
Payment terms: Letter of credit on sight
Publication: Weekly. Friday, 5-6pm Singapore time

Assessment: Steel scrap HMS 1&2 (80:20) deep-sea origin import, cfr Bangladesh (MB-STE-0881)
Quality: HMS 1&2 (80:20 mix) compliant to ISRI specifications 200 – 206.
Quantity: Minimum 20,000 tonnes (bulk)
Location: cfr Chittagong
Timing: Up to 3 months
Unit: USD/tonne
Payment terms: Letter of credit on sight
Publication: Weekly. Thursday, 5-6pm Singapore time

After assessing market feedback, Fastmarkets has decided against launching the steel scrap H2 Japan origin import, cfr Bangladesh price assessment at this time. Fastmarkets will continue to track prices for this market and will review this decision again in the coming months.

The first date of assessment for the Bangladesh price will be today on Thursday March 19. The price will be published on a weekly basis on Thursdays at 5-6pm Singapore time.

The first date of assessment for the South Korean prices will be on Friday March 20. The prices will be published on a weekly basis on Fridays at 5-6pm Singapore time.

To provide feedback on this price or if you would like to provide price information by becoming a data submitter to any of these prices, please contact Lee Allen by email at pricing@fastmarkets.com. Please add the subject heading ‘FAO: Lee Allen, re: Bangladesh and Korea scrap prices.'

To see all Fastmarkets’ pricing methodology and specification documents, go to www.fastmarkets.com/about-us/methodology.