Fastmarkets wrongly published an assessment of the stainless steel scrap 430 bundles, solids, consumer buying price, delivered mill Pittsburgh, at 31.25-33.00 cents per lb, or $700-739 per gross ton, on Wednesday January 10.
The price was corrected to 14.95-16.07 cents per lb, or $335-360 per gross ton, on Thursday January 11.
Fastmarkets’ assessment of the stainless steel scrap 409 bundles, solids, consumer buying price, delivered mill Pittsburgh, was also incorrectly published at 26.00-26.76 cents per lb, or $582-600 per gross ton, on Wednesday.
The price was corrected to 8.93-10.26 cents per lb, or $200-230 per gross ton, on Thursday.
The grade specifications affected are as follows:
MB-STS-0257:Stainless steel scrap 430 bundles, solids, consumer buying price, delivered mill Pittsburgh
Quality: chromium 16.00-18.00%, manganese 1.00%, silicon 1.00%
Location: delivered mill, Pittsburgh
Unit: US cents per lb/USD per gross ton
Publication: monthly, typically before the 10th
MB-STS-0258:Stainless steel scrap 409 bundles, solids, consumer buying price, delivered mill Pittsburgh
Quality: chromium 11.00%
Location: delivered mill, Pittsburgh
Unit: US cents per lb/USD per gross ton
Publication: monthly, typically before the 10th
These prices form part of Fastmarkets’ scrap package.
While Fastmarkets has corrected its published price on January 10 to reflect month on month changes in the consumer market, which is trending down commensurate with lower ferrous scrap prices in that market, feedback has been received that the price is not wholly representative of actual transaction values in the market.
As such, Fastmarkets is launching a 30-day consultation period to facilitate a non-market adjustment to bring these values back in line. An update to this notice with the results of the consultation will be published on February 11.
To provide feedback on this notice, please contact Amy Hinton by email at pricing@fastmarkets.com. Please add the subject heading: “FAO: Amy Hinton, re: stainless scrap prices.”
To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.
