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Under the plan, Fastmarkets would assess the greater Houston region based on material delivered to six mills that would be included in the expanded regional footprint. The prices would be assessed as domestic consumer buying prices in US dollars per gross ton, delivered mill.
The proposed changeover would take place on January 1, 2023.
If ratified, Fastmarkets would publish the consumer prices in parallel with its existing dealer selling prices effective with the monthly September settlement. It would parallel price through the remaining months of the year. The move would allow customers to track Fastmarkets’ consumer buying prices ahead of any potential adjustment of contracts.
A 60-day consultation on this proposal will end on August 4. An update to this notice will be published on August 5.
Fastmarkets would replicate the list of existing Houston prices, which include the following:
MB-STE-0350 Steel scrap No1 heavy meltQuality: Wrought iron and/or steel scrap ¼in and above in thickness. Individual pieces not more than 60in x 24in (charging box size) prepared in a manner to insure compact charging.Location: Delivered mill price, US/Canada, specified cityUnit: US dollars per gross ton (Canadian cities in Canadian currency/net tons)Publication: Monthly, typically before the 10thISRI Code: 200
MB-STE-0351 Steel scrap No1 bushelingQuality: Clean steel scrap, not exceeding 12in in any dimensions, including new factory busheling (for example, sheet clippings, stampings, etc.). May not include old auto body and fender stock. Free of metal coated, limed, vitreous enameled and electrical sheet containing more than 0.50% silicon.Location: Delivered mill, US/Canada, specified cityUnit: US dollars per gross ton (Canadian cities in Canadian currency/net tons)Publication: Monthly, typically before the 10thISRI Code: 207
MB-STE-0352 Steel scrap shredded auto scrapQuality: Homogeneous iron and steel scrap magnetically separated, originating from automobiles, unprepared No1 and No2 steel, miscellaneous baling and sheet scrap. Average density of 70 lb per cubic ft.Location: Delivered mill, US/Canada, specified cityUnit: US dollars per gross ton (Canadian cities in Canadian currency/net tons)Publication: Monthly, typically before the 10thISRI Code: 211
MB-STE-0353 Steel scrap machine shop turningsQuality: Clean steel or wrought iron turnings, free of iron borings, non-ferrous metals in a free state, scale or excessive oil. May not include badly rusted or corroded stock.Location: Delivered mill, US/Canada, specified cityUnit: US dollars per gross ton (Canadian cities in Canadian currency/net tons)Publication: Monthly, typically before the 10thISRI Code: 219
MB-STE-0354 Steel scrap cut structural/plate 5ft maxQuality: Clean steel or wrought iron turnings, free of iron borings, non-ferrous metals in a free state, scale or excessive oil. May not include badly rusted or corroded stock.Location: Delivered mill, US/Canada, specified cityUnit: US dollars per gross ton (Canadian cities in Canadian currency/net tons)Publication: Monthly, typically before the 10thISRI Code: 219
As part of this process, Fastmarkets would also delist its Houston consumer buying trend prices. This proposed delisting would also take place on January 1, 2023.
For more information or to provide feedback on this notice, or if you would like to provide price information by becoming a data submitter for these prices, please contact Sean Barry by email at pricing@fastmarkets.com. Please add the subject heading: FAO: Sean Barry, Re: Houston ferrous scrap market switch.
To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/about-us/methodology.