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.

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