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Launch of Fastmarkets’ steel to scrap, raw materials differentials

Fastmarkets has launched a suite of finished steel to scrap and raw materials differentials to serve US markets on Monday June 9.

June 9, 2025
By Amy Hinton and Dan Hilliard
Pricing notice

This strategic launch is designed to offer the market a single reference price denoting the differential between hot-rolled steel products and the key benchmark scrap and raw materials composite in the production of those grades.

The methodology grades for these differentials are as follows:

MB-STE-0928 Steel hot-rolled coil index, differential to No1 busheling Chicago, fob mill US Midwest, $/gross ton
Quality: ASTM A1011 Commercial Steel and corresponding grades. 0.09 inch-0.38 inch thick x 48-72 inches wide; Clean steel scrap, maximum size 2 feet by 5 feet, including new factory busheling (sheet clippings, stampings, etc). May not include old auto body and fender stock. Free of metal coated, limed, vitreous enamelled and electrical sheet containing more than 0.5% silicon.
Location: Fob mill US Midwest
Unit: USD per gross ton
Publication: Daily, 5pm EST
Notes: This differential calculates the price spread (in $/gross ton) of Fastmarkets’ Steel hot-rolled coil index, fob mill US Midwest, $/cwt index (MB-STE-0184) calculation above the price of Fastmarkets’ Steel scrap No1 busheling, consumer buying price, delivered mill Chicago, $/gross ton assessment (MB-STE-0524).

MB-STE-0929 Steel hot-rolled coil index, differential to shredded auto scrap Chicago, fob mill US Midwest, $/gross ton
Quality: ASTM A1011 Commercial Steel and corresponding grades. 0.09 inch-0.38 inch thick x 48-72 inches wide; Homogeneous iron and steel scrap magnetically separated, originating from automobiles, unprepared No. 1 and No2 steel, miscellaneous baling and sheet scrap. Average density 70 pounds per cubic foot.
Location: Fob mill US Midwest
Unit: USD per gross ton
Publication: Daily, 5pm EST
Notes: This differential calculates the price spread (in $/gross ton) of Fastmarkets’ Steel hot-rolled coil index, fob mill US Midwest, $/cwt index (MB-STE-0184) calculation above the price of Fastmarkets’ Steel scrap clean auto cast, consumer buying price, delivered mill Chicago, $/gross ton (MB-STE-0240).

MB-STE-0931 Steel hot-rolled coil index, differential to pig iron basic grade Ukraine/Russia, fob mill US Midwest, $/gross ton
Quality: ASTM A1011 Commercial Steel and corresponding grades. 0.09 inch-0.38 inch thick x 48-72 inches wide; Min size: standard size featuring 3.5-4.5 percent carbon, less than 1.5 percent silicon, 0.5-1.0 percent manganese, less than 0.05 percent sulfur and less than 0.12 percent phosphorus.
Location: Fob mill US Midwest
Unit: USD per gross ton
Publication: Weekly, Monday, 5pm EST
Notes: This differential calculates the price spread (in $/gross ton) of Fastmarkets’ Steel hot-rolled coil index, fob mill US Midwest, $/cwt index (MB-STE-0184) calculation above the price of Fastmarkets’ Pig iron basic grade, Ukraine/Russia, fob New Orleans, $/tonne (MB-IRO-0079)

MB-STE-0932 Steel hot-rolled coil index, differential to pig iron basic grade Brazil, fob mill US Midwest, $/gross ton
Quality: ASTM A1011 Commercial Steel and corresponding grades. 0.09 inch-0.38 inch thick x 48-72 inches wide; Min size: standard size featuring 3.5-4.5 percent carbon, less than 1.5 percent silicon, 0.5-1.0 percent manganese, less than 0.05 percent sulfur and less than 0.12 percent phosphorus.
Location: Fob mill US Midwest
Unit: USD per gross ton
Publication: Weekly, Monday, 5pm EST
Notes: This differential calculates the price spread (in $/gross ton) of Fastmarkets’ Steel hot-rolled coil index, fob mill US Midwest, $/cwt index (MB-STE-0184) calculation above the price of Fastmarkets’ Pig iron basic grade, Brazil, fob New Orleans, $/tonne (MB-IRO-0078)

These prices form part of Fastmarkets’ steel package.

To provide feedback on these prices, or if you would like to provide price information by becoming a data submitter to these prices, please contact Amy Hinton or Dan Hilliard by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Amy Hinton/Dan Hilliard, steel to scrap, raw materials differentials.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

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

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