Decision to adjust Pittsburgh, Cincinnati busheling assessments: update

Fastmarkets has realigned its prices for No1 busheling in the Pittsburgh and Cincinnati markets effective with the May 2023 settlement.

This adjustment comes following feedback that published prices for that grade in those markets were no longer reflective of real transaction values, despite the published trends for this market being historically accurate.

The original consultation notice and the subsequent decision notice were published on March 24 and April 25 respectively.

The specifications for the affected scrap grades are as follows:

MB-STE-0526
MB-STE-0251
Assessment: No1 busheling
Quality: Clean steel scrap, maximum size 2 feet by 5 feet, including new factory busheling (sheet clippings, stampings, etc). May not include old auto body and fender stock. Free of metal coated, limed, vitreous enameled and electrical sheet containing more than 0.5% 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
ISRI Code: 207
Notes: A separate methodology for the AMM Midwest index is available

Subscribers should be made aware that this decision will affect the daily composite price that Fastmarkets publishes for that grade.

Fastmarkets’ steel scrap No1 busheling, daily composite, delivered mill US averages the No1 busheling prices in Chicago, Cleveland and Pittsburgh; Fastmarkets publishes the settlement prices for those markets each month.

Based on feedback received during this month’s pricing session for that grade in Pittsburgh, the price has been published at $515 per gross ton.

May’s published price accounts for the $20-per-ton downtrend in Pittsburgh busheling prices in May versus April as well as a $20-per-ton non-market adjustment upward.

Based on the prices published in the three composite markets this month, the daily composite for No1 busheling will be $6.66 per gross ton higher than it would have been had No1 busheling in Pittsburgh moved purely on trend in the month of May. April’s published price was $515 per gross ton.

Based on feedback provided for the grade in Cincinnati, the price has been settled at $540 per gross ton for May. This constitutes a $20-per-ton downtrend for that market in May compared with April and an $80-per-ton non-market adjustment upward.

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 busheling, Cincinnati and Pittsburgh.

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

What to read next
Due to a system error, the market price for June 2 was used twice in the calculation of the weekly average for AG-FML-0008 Feathermeal, fob US Delmarva Peninsula, $/short ton, resulting in an error. Fastmarkets’ pricing database has been updated to reflect this change. Incorrect weekly average for May 31-June 6: $185-270 per short tonCorrect weekly average […]
Following preliminary discussions with the market and interrogation of data collected by Fastmarkets over recent months, Fastmarkets now proposes to assess and publish the price for ferro-niobium, 63-67%, delivered consumer works, dp Europe, on Wednesdays and Fridays, from the current basis of once weekly on Wednesdays. This more frequent price assessment will enable Fastmarkets to […]
No feedback was received during the consultation period and therefore no changes will be made to the methodologies at this stage. This consultation sought to ensure that our methodologies continue to reflect the physical market under indexation, in compliance with the International Organization of Securities Commissions (IOSCO) principles for Price Reporting Agencies (PRAs). This includes […]
Following the consultation, which closed on Thursday June 12, Fastmarkets will amend the frequency of Taiwan base metals premium and delivery timing for tin 99.99% ingot premium, with the first publication on a monthly frequency taking place on Tuesday July 1. The change in frequency will help to better reflect the dynamics in the Taiwan […]
Following an initial consultation with the market, Fastmarkets is proposing to:  The new specifications would be as follows, with amendments in italics: MB-CU-0002 Copper grade 1 cathode premium, ddp Midwest US, US cents/lb Quality: Grade A 99.9935% min copper cathode conforming to LME specifications BS EN 1978:2022 – Cu-CATH-1 or Grade 1 Electrolytic Copper Cathode ATSM B1115-10 Quantity: Min […]
The proposed price will expand Fastmarkets’ coverage of the flat stainless steel market in Europe by complementing the price assessment for MB-STS-0281 stainless steel cold-rolled sheet, 2mm, grade 304, transaction domestic, delivered North Europe. The proposal follows preliminary discussions with the market and coincides with a proposal to discontinue the assessment of the base price for […]