Launch of Turkey import billet to US export ferrous scrap differentials

This strategic launch is designed to better delineate the relationship between these two competing steelmaking materials.

The differentials offer the market a single reference price denoting the spread between Turkey import billet and No1 and No2 heavy melting scrap (80:20) and between Turkey import billet and shredded scrap exported from the US East Coast respectively.

The methodology for these differentials are as follows:

MB-STE-0937 Steel billet import, differential to HMS 1&2 (80:20) export index New York, cfr main port Turkey, $/tonne
Quality: 120x120mm to 150x150mm
Quantity: 10,000-30,000 tonnes
Location: cfr Turkey
Timing: 4-6 weeks
Unit: USD/tonne
Payment terms: 30% prepayment, 70% L/C
Publication: Weekly. Wednesday, 2.30pm EST
Notes: This differential calculates the price spread (in $/tonne) of Fastmarkets’ Steel billet import, cfr main port Turkey, $/tonne (MB-STE-0116) midpoint above the price of Fastmarkets’ Steel scrap HMS 1&2 (80:20), export index, fob New York, $/tonne (MB-STE-0418) assessment, the specifications of which can be found in this document.

MB-STE-0936 Steel billet import, differential to shredded scrap export index New York, cfr main port Turkey, $/tonne
Quality: 120x120mm to 150x150mm
Quantity: 10,000-30,000 tonnes
Location: cfr Turkey
Timing: 4-6 weeks
Unit: USD/tonne
Payment terms: 30% prepayment, 70% L/C
Publication: Weekly. Wednesday, 2.30pm EST
Notes: This differential calculates the price spread (in $/tonne) of Fastmarkets’ Steel billet import, cfr main port Turkey, $/tonne (MB-STE-0116) midpoint above the price of Fastmarkets’ Steel scrap shredded scrap, export index, fob New York, $/tonne (MB-STE-0419) assessment, the specifications of which can be found in this document.

These differentials form part of Fastmarkets’ scrap 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 by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Amy Hinton, Turkey import billet to US ferrous scrap export 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.