Fastmarkets ready for US green steel acceleration with much-needed HRC assessments

Read more about how Fastmarkets will provide much-needed price assessments for green steel

Fastmarkets, one of the industry’s leading cross-commodity price-reporting agencies (PRA), is proud to announce the launch of US green hot-rolled coil (HRC) pricing. This new North American offering complements Fastmarkets’ green HRC prices across Europe and Asia, providing both a differential and a base price in these major markets.

The demand for green steel is accelerating rapidly, particularly within the automotive and construction sectors in the United States. By launching a US green HRC price, Fastmarkets positions itself ahead of significant auto industry purchases expected next year and anticipates a surge in steel spending following the November presidential election.

The US steel industry has long touted its green credentials, primarily due to its high proportion of electric arc furnaces (EAFs). Mills and major end-use buyers, such as automobile manufacturers, have recently recognized the potential to charge a premium for green steel. With major deals already secured between domestic mills and auto producers, there is an increasing need for an independent price assessment to facilitate these transactions.

Andrew Wells, editorial and pricing director for ferrous metals and mining at Fastmarkets, commented: “As the market matures, both mills and buyers will require a reliable instrument to finalize contracts. We aim to be that standard.”

The first US green HRC price will cater primarily to mills and auto-related buyers. However, there is growing interest from building developers who are increasingly seeking green steel solutions.

Felix Bello, US steel analyst at Fastmarkets, added: “To appreciate the significance of quantifying the value of green steel, we must recognize that steel is the most ubiquitous and recycled material globally. It permeates our daily lives, appearing in buildings, bridges, ships, cars, bicycles, appliances and even paper clips. In these roles, it provides nearly 6 million direct jobs and accounts for almost 8% of CO2 emissions, positioning it as a critical factor in addressing carbon emissions.”

Join Fastmarkets at the International Iron Ore & Green Steel Summit 2024, on June 24-26 in Vienna, Austria, to gain insights from industry leaders, leverage market data for strategic decisions and seize opportunities in green steel innovation.

Interested in green steel prices? Find out how we can help you or email to connect with one of our analysts.

What to read next
Fastmarkets confirms the amendment of five of its steel products assessments and steel billet index originated from the Black Sea.
Fastmarkets proposes to amend the payment terms and quantities of three hot- and cold-rolled coil import price assessments for the United Arab Emirates and Saudi Arabia.
Fastmarkets proposes to amend the carbon emissions content threshold for its weekly reduced carbon steel premium and daily inferred reduced carbon steel price in Europe.
Fastmarkets invited feedback from the industry on the pricing methodology for its steel hot-rolled coil index, domestic, exw Northern Europe, € per tonne (MB-STE-0028) and steel hot-rolled coil index, fob mill US Midwest, $ per cwt (MB-STE-0184), via an open consultation process between March 26 and April 29, 2024.
Read more about our recent IOSCO assurance review
Read more about how we are segmenting our lithium price assessments for western markets