Decision to adjust Cincinnati, Pittsburgh No1 bundles assessments: update

Following a 30-day consultation period, Fastmarkets has decided to realign its prices for No1 bundles in Cincinnati and Pittsburgh, including No1 industrial bundles in the latter market, effective with the May 2023 settlement.

Although Fastmarkets believes that its monthly trends have been correct, market feedback received indicates that pricing for the grade in those markets was no longer reflective of actual transaction levels.

The original pricing notice was published on April 4.

The specifications for the affected scrap grades are as follows:

MB-STE-0250
MB-STE-0304
Assessment: No1 bundles
Quality: New black steel sheet scrap, clippings or skeleton scrap, compressed or hand bundled, to charging box size, and weighing not less than 75 pounds per cubic foot. (Hand bundles are tightly secured for handling with a magnet.) May include Stanley balls or mandrel wound bundles or skeleton reels, tightly secured. May include chemically detinned material. May not include old auto body or fender stock. Free of metal coated, limed, vitreous enameled, and electrical sheet containing over 0.50 percent silicon.
Location: Delivered mill, US/Canada, specified city
Unit: USD per gross ton (Canadian cities in Canadian currency/net tons)
Publication: Monthly, typically before the 10th
Notes: ISRI Code: 208

MB-STE-0307
Assessment: No1 industrial bundles
Quality: New production sheet scrap, clippings, or skeleton scrap, hydraulically compressed originating from a factory. Size: No more than 24 inches x 24 inches x 48 inches long with individual bundles weighing no more than 4,000 pounds. Density: 150 pounds per cubic foot minimum.
Location: Delivered mill, US/Canada, specified city
Unit: USD per gross ton (Canadian cities in Canadian currency/net tons)
Publication: Monthly, typically before the 10th

May’s published price for No1 bundles in Pittsburgh is $515 per gross ton, accounting for a $20 per ton month-on-month market downtrend and a $39 per ton upward non-market adjustment.

The published price for the grade in Cincinnati over the period is $540 per ton, comprising a $20 per ton market downtrend and an $80 per ton upward non-market adjustment.

To provide feedback on these prices, or if you would like to provide price information by becoming a data submitter to the ferrous scrap assessments, please contact Amy Hinton at pricing@fastmarkets.com. Please add the subject heading: FAO: Amy Hinton re: No1 bundles, Cincinnati and Pittsburgh.

To see all of Fastmarkets pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

(Editor’s Note: This report was updated on Tuesday May 9 to include the May monthly assessment and adjustment for the prices.)

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