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
The price was initially published as $60-70 per tonne and has since been corrected to $60-68 per tonne. Fastmarkets’ pricing database has been updated to reflect this change. The price rationale was correct. For more information or to provide feedback on this correction notice or if you would like to provide price information by becoming a data […]
Fastmarkets has launched this price in response to customer demand for freight rate information for Panamax vessels carrying corn and soybeans from the US to Japan. The price includes historical data starting from September 2022. FM-FRT-0032 Freight Pacific Northwest-JapanLocation: FOB, US Pacific Northwest to JapanTiming: Shipment the next calendar monthUnit: USD per tonnePublication: Weekly, Wednesday 1pm […]
Fastmarkets has launched this price in response to customer demand for freight rate information for Panamax vessels carrying corn and soybeans from the US Gulf to Japan. The price includes historical data starting from September 2022. FM-FRT-0031 Freight US Gulf-JapanLocation: FOB, US Gulf to JapanTiming: Shipment the next calendar monthUnit: USD per tonnePublication: Weekly, Wednesday 1pm […]
The change in publication time, which kicks in on Tuesday February 18, followed market feedback that the previous publication time was not optimal in its alignment with the operational hours of the Chinese market. The adjustment will enhance the relevance and efficiency of pricing through a better reflection of the activity within the local market. The new specifications […]
Fastmarkets will not publish any price assessments for US animal fats and oils, animal proteins, biomass-based diesel, hide and leather, grain and feed ingredients, organic/non-GMO and vegetable oils on Monday February 17.
Fastmarkets has amended the name of the price assessment for nickel ore 1.8% basis 15-20% Fe water content: 30-35% Si:Mg ratio<2 lot size 50,000 tonnes, cif China. The name of the price has been shortened to nickel ore with 1.8% nickel content, cif China to enhance its readability and alignment with other Fastmarkets nickel ore […]