Final decision on open consultation on methodology for US Midwest ferrous scrap indices

Fastmarkets has, in line with our annual methodology review process, concluded a consultation that opened on May 4, 2023, inviting feedback on our methodology for our US Midwest ferrous scrap indices.

The 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 all elements of our pricing process, our price specifications and publication frequency.

The consultation closed on June 5, 2023, with no new comment or feedback received, suggesting that no material change is required to the existing methodology.

The consultation covered the methodologies for Fastmarkets’ steel scrap No1 heavy melt, index, delivered Midwest mill, $/gross ton (MB-STE-0424); steel scrap No1 busheling, index, delivered Midwest mill, $/gross ton (MB-STE-0422) and steel scrap shredded, index, delivered Midwest mill, $/gross ton (MB-STE-0423) as part of its annual methodology review process.

To provide comment or feedback on the content of the US Midwest ferrous scrap indices, or if you would like to provide price information by becoming a data submitter to these prices or indices, please email pricing@fastmarkets.com.

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

What to read next
Fastmarkets is launching a green long steel differential to its weekly price assessment for steel reinforcing bar (rebar) import, cfr Singapore, as well as a weekly inferred green steel base price for rebar cfr Singapore.
Correction to rationale for alumina index, fob Australia on October 4
The publication of Fastmarkets’ Mineral Sands Monthly price assessments for Thursday October 3 was delayed to 17:51 from 16:00 due to a reporter error. Fastmarkets’ pricing database has been updated.
The publication of Fastmarkets’ price assessments of calcined alumina on Thursday October 3 were delayed due to a reporter error. Fastmarkets’ pricing database has been updated.
The publication of Fastmarkets’ India import aluminium scrap price assessments for Wednesday October 2 were delayed because of the Gandhi Jayanti public holiday in India. Fastmarkets’ pricing database has been updated.
After assessing market feedback, Fastmarkets is extending by two weeks the consultation period for its proposal to launch an additional low-carbon differential for P1020 aluminium in Europe.