Correction to 400-series stainless steel scrap consumer assessments: pricing notice

Fastmarkets has made a correction to its January stainless steel scrap consumer price assessments for 430 and 409 consumer bundles, delivered to mill Pittsburgh.

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.

What to read next
The amendment would decrease publishing frequency to twice per week from daily, to reflect lower market liquidity following Russia’s invasion of Ukraine in 2022 and resulting in Western sanctions against Russia that led to lower export sales volumes from the country. This is also while the effect of the war has resulted in lower sales […]
Fastmarkets will launch a FP-CBB-0115 coated ivory board, 250g/m2, Chinese exports to Southeast Asia FOB price assessment on February 28.
Fastmarkets is inviting feedback from the industry on the pricing methodology for its PIX Pulp Europe (gross) and PIX Pulp China (net) indices as part of its announced annual methodology review process.
Fastmarkets proposes to launch three assessments for primary aluminium premiums in Mexico: a P1020A premium, a low-carbon differential for P1020A and a 6063 extrusion billet premium — all on a CIF basis for the main ports of the country.
Fastmarkets is inviting feedback from the industry on the pricing methodology for the PIX Sawn Timber Pine FAS Finland and PIX Sawn Timber Spruce FAS Finland indices, including their sub-indices, as part of its announced annual methodology review process.
The publication of Fastmarkets’ manganese ore seaborne indices for Friday January 31 was delayed due to additional analysis of data. Fastmarkets’ pricing database has been updated.