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The decision follows a consultation period that started on October 28 and ended on November 25.
The price assessments in question are:MB-STS-0008 Stainless steel scrap 18/8 solids, import, cif main European port, € per tonneMB-STS-0009 Stainless steel scrap 18/8 turnings, import, cif main European port, € per tonneMB-STS-0261 Stainless steel scrap 316 solids, import, cif main European port, € per tonneMB-STS-0262 Stainless steel scrap 316 turnings, import, cif main port Europe, € per tonne
From November 28, they shall be assessed as follows:MB-STS-0008 Stainless steel scrap, grade 304 (18/8), delivered merchant Europe, € per tonneMB-STS-0009 Stainless steel scrap, grade 304 (18/8), turnings, delivered merchant Europe, € per tonneMB-STS-0261 Stainless steel scrap 316 solids, delivered merchant Europe, € per tonneMB-STS-0262 Stainless steel scrap 316 turnings, delivered merchant Europe, € per tonne
Imports of stainless steel scrap into Europe have become sporadic, while the domestic market offers more consistent liquidity, meaning that domestic assessments will be a more relevant pricing tool for subscribers.
Consequently, Fastmarkets has changed the incoterms for these assessments to delivered merchant Europe from cif main port Europe.
Minimum volumes of 20 tonnes will also be added to the solids price specifications, in which quantities are currently undefined. Turnings minimum volumes will remain undefined, given that smaller tonnages of turnings are often included within a larger quantity of traded solids.
In addition, Fastmarkets will add details pertaining to the quality of the stainless steel scrap being assessed, which is currently undefined. These details include chemical composition and, in the case of solids, dimensions.
These quality clarifications have also been applied to Fastmarkets’ UK stainless steel price assessments, namely:MB-STS-0010 Stainless steel scrap 304 (18/8), solids, domestic, delivered merchant UK, £ per tonneMB-STS-0011 Stainless steel scrap 304 (18/8), turnings, domestic, delivered merchant UK, £ per tonneMB-STS-0259 Stainless steel scrap 316 solids, domestic, delivered merchant UK, £ per tonneMB-STS-0260 Stainless steel scrap 316 turnings, domestic, delivered merchant UK, £ per tonne
And finally, Fastmarkets has amended the name of the UK and Europe assessments for 18/8 stainless steel scrap to include mention of grade 304. This is set to reduce confusion; 18/8 and 304 are different names for the same grade of stainless steel.
The full list of proposed new specifications is as follows.
EuropeMB-STS-0008 Stainless steel scrap, grade 304 (18/8) solids, delivered merchant Europe, € per tonneQuality: Clean. Solids, min. size 1mm, max. size 1.5×1.0m. Nickel min. 8.00%, chromium min. 16.00%, molybdenum max. 0.50%, copper max. 0.60%, phosphorus max. 0.45%, sulfur max. 0.05%.Quantity: minimum 20 tonnesLocation: Delivered merchantTiming: within 4 weeksUnit: € per tonnePayment terms: 30 days, other payment terms normalizedPublication: Weekly. Friday, 2-3pm UK time
MB-STS-0009 Stainless steel scrap, grade 304 (18/8), turnings, delivered merchant Europe, € per tonneQuality: Turnings or shavings, no solids. Nickel min. 8.00%, chromium min. 16.00%, molybdenum max. 0.50%, copper max. 0.60%, phosphorus max. 0.45%, sulfur max. 0.05%.Quantity: not definedLocation: Delivered merchantTiming: within 4 weeksUnit: € per tonnePayment terms: 30 days, other payment terms normalizedPublication: Weekly. Friday, 2-3pm UK time
MB-STS-0261 Stainless steel scrap 316 solids, delivered merchant Europe, € per tonneQuality: Solids, min. size 1mm, max. size 1.5×1.0m. Nickel min 10.00%, chromium min 16.00%, molybdenum min 2.00%, manganese max. 2.00%Quantity: minimum 20 tonnesLocation: Delivered merchantTiming: within 4 weeksUnit: € per tonnePayment terms: 30 days, other payment terms normalizedPublication: Weekly. Friday, 2-3pm UK time
MB-STS-0262 Stainless steel scrap 316 turnings, delivered merchant Europe, € per tonneQuality: Turnings or shavings, no solids. Nickel min 10.00%, chromium min 16.00%, molybdenum min 2.00%, manganese max. 2.00%Quantity: not definedLocation: Delivered merchantTiming: within 4 weeksUnit: € per tonnePayment terms: 30 days, other payment terms normalizedPublication: Weekly. Friday, 2-3pm UK time
UKMB-STS-0010 Stainless steel scrap 304 (18/8) solids, domestic, delivered merchant UK, £ per tonneQuality: Clean. Solids, min. size 1mm, max. size 1.5×1.0m. Nickel min. 8.00%, chromium min. 16.00%, molybdenum max. 0.50%, copper max. 0.60%, phosphorus max. 0.45%, sulfur max. 0.05%.Quantity: 0.10-1,000 tonnesLocation: UKTiming: Prompt shipment within the month or on call-off, variesUnit: £ per tonnePayment terms: VariesPublication: Weekly. Friday, 2-3pm London time
MB-STS-0011 Stainless steel scrap 304 (18/8) turnings, domestic, delivered merchant UK, £ per tonneQuality: Turnings or shavings, no solids. Nickel min. 8.00%, chromium min. 16.00%, molybdenum max. 0.50%, copper max. 0.60%, phosphorus max. 0.45%, sulfur max. 0.05%.Quantity: Not definedLocation: UKTiming: Prompt shipment within the month or on call-off, variesUnit: £ per tonnePayment terms: VariesPublication: Weekly. Friday, 2-3pm London time
MB-STS-0259 Stainless steel scrap 316 solids, domestic, delivered merchant UK, £ per tonneQuality: Solids, min. size 1mm, max. size 1.5×1.0m. Nickel min 10.00%, chromium min 16.00%, molybdenum min 2.00%, manganese max. 2.00%Quantity: 0.10-1,000 tonnesLocation: UKTiming: Prompt shipment within the month or on call-off, variesUnit: £ per tonnePayment terms: VariesPublication: Weekly. Friday, 2-3pm London time
MB-STS-0260 Stainless steel scrap 316 turnings, domestic, delivered merchant UK, £ per tonneQuality: Turnings or shavings, no solids. Nickel min 10.00%, chromium min 16.00%, molybdenum min 2.00%, manganese max. 2.00%Quantity: Not definedLocation: UKTiming: Prompt shipment within the month or on call-off, variesUnit: £ per tonnePayment terms: VariesPublication: Weekly. Friday, 2-3pm London time
These prices are a part of the Fastmarkets scrap package.
To provide feedback on these prices, or if you would like to provide price information by becoming a data submitter to these prices, please contact pricing@fastmarkets.com and metalsrecycling@fastmarkets.com. Please add the subject heading “re: Europe/UK stainless scrap.”
Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.
To see all Fastmarkets’ pricing methodology and specification documents, go to the Fastmarkets methodology page.