After assessing further market feedback, Fastmarkets is again extending the consultation period for its proposal to launch a weekly Pakistan import HMS-grade steel scrap price assessment.
In November, Fastmarkets proposed launching a weekly price assessment for the Pakistan HMS steel scrap import market following feedback indicating that such a price would be of value to market participants, both by itself and in conjunction with Fastmarkets’ existing Pakistan steel scrap prices, which include assessment of the imported shredded steel scrap price, launched in 2020.
This would also complement Fastmarkets’ other regional scrap prices, which include coverage of import scrap prices for India as well as Bangladesh.
The original consultation period was extended in December and Fastmarkets is further extending the consultation period to ensure the new assessment is launched with the most appropriate specifications.
The proposed specifications are as follows:
Name: Steel scrap HMS, import, cfr Port Qasim, Pakistan, $ per tonne
Quality: Unprocessed HMS 1&2 (90:10 mix), HMS 1 - no GI, no CI, no autoparts
Quantity: Minimum 100 tonnes (containerized)
Location: cfr Port Qasim
Timing: 4-6 weeks
Unit: USD per tonne
Payment terms: Letter of credit
Publication: Weekly; Friday, 4pm London time
Notes: Middle East origin only, exclusive of import tax
The extended consultation period for this proposed launch starts on January 21 and the consultation will now end on February 21, with the launch then taking place, subject to market feedback, on February 25.
To provide feedback on this proposed launch, or if you would like to provide price information by becoming a data submitter to this price, please contact Ross Yeo by email at pricing@fastmarkets.com. Please add the subject heading ‘FAO: Ross Yeo re: Pakistan HMS.’
To see all Fastmarkets’ pricing methodology and specification documents, go to: https://www.fastmarkets.com/about-us/methodology.