Open consultation on methodology for IOSCO-audited ferrous scrap price assessments, indices

Fastmarkets is inviting feedback from the industry on the methodology for its audited ferrous scrap price assessments and indices, as part of its announced annual methodology review process.

The consultation, which is open until May 6, 2024, seeks to ensure that our audited methodologies and price specifications continue to reflect the physical markets for ferrous scrap 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.

You can find the current methodologies for the ferrous scrap assessments and indices here: https://www.fastmarkets.com/methodology.

The prices subject to this annual review are as follows:

Steel scrap Midwest index 
MB-STE-0422 Steel scrap No1 busheling, index, delivered Midwest mill, $/gross ton

MB-STE-0423 Steel scrap shredded, index, delivered Midwest mill, $/gross ton

MB-STE-0424 Steel scrap No1 heavy melt, index, delivered Midwest mill, $/gross ton

Steel scrap HMS 1&2

MB-STE-0464 Steel scrap HMS 1&2 (80:20 mix) US material import, cfr main port Taiwan, $/tonne

MB-STE-0416 Steel scrap HMS 1&2 (80:20 mix) North Europe origin, cfr Turkey, $/tonne

MB-STE-0417 Steel scrap HMS 1&2 (80:20 mix) US origin, cfr Turkey, $/tonne

Please send responses in writing, preferably in electronic format, to the following address: pricing@fastmarkets.com. Please add the subject heading [‘Audited ferrous scrap IOSCO methodologies, 2024’]. Please specify whether your response is confidential. Opinions offered in confidential responses may be referenced but will not be attributed in any way.

Fastmarkets will publish the outcome of this methodology review by May 13, 2024, including a summary of the feedback — with the exception of those responses marked as confidential. Any proposals to make material changes, discontinue or launch prices will involve a separate market consultation, the length of which will depend on how substantial the change is.

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

What to read next
Fastmarkets has corrected its MB-ALU-0018 alumina index inferred, fob India, $/tonne; MB-ALU-0019 alumina index inferred, fob Indonesia, $/tonne; and MB-ALU-0020 alumina index inferred, fob Vietnam, $/tonne, which were published incorrectly from September 2 to September 9.
The publication of Fastmarkets’ aluminium billet North Europe assessments for Friday September 6 was delayed because of reporter error. Fastmarkets’ pricing database has been updated.
Fastmarkets has corrected its MB-MNO-0005 manganese ore high grade port index, fot Tianjin, China, which was published incorrectly on Friday September 6.
The publication of Fastmarkets’ manganese ore seaborne indices for Friday September 6 was delayed due to a technical error. Fastmarkets’ pricing database has been updated.
Fastmarkets has corrected its price assessment for MB-GER-0001 germanium dioxide, in-whs China, $ per kg, which was published incorrectly on Friday September 6.
The publication of MB-STS-0012 UK domestic 5C steel scrap prices for Friday September 6 was delayed because of a reporter error. Fastmarkets’ pricing database has been updated.