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The price for ferrous scrap turnings in Cincinnati is $140 per gross ton, which represents a $20 per gross ton market increase for December and a $88 per gross ton upward non-market adjustment.
The price had previously been assessed at $32 per gross ton for the November settlement.
Although Fastmarkets believes that its monthly trends have been correct, there has been feedback from the market that ferrous scrap turnings in Cincinnati no longer reflect actual transaction prices, due in part to market dislocations from the peak of the Covid-19 pandemic last year.
The original notice for the 30-day consultation was published October 19.
The specifications for the affected scrap grade are as follows:
MB-STE-0253Assessment: Machine shop turningsQuality: Clean steel or wrought iron turnings, free of iron borings, nonferrous metals in a free state, scale, or excessive oil. May not include badly rusted or corroded stock.Location: FOB US/Canada, specified cityUnit: USD per gross ton (Canadian cities in Canadian currency/net tons)Publication: MonthlyNotes: ISRI Code: 219
To provide feedback on this proposal, or if you would like to provide price information by becoming a data submitter to the ferrous scrap assessments, please contact Sean Barry at pricing@fastmarkets.com. Please add the subject heading: FAO: Sean Barry re: Cincinnati turnings price.
To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.