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Based on market feedback, Fastmarkets firmly believes there is sufficient volume and market liquidity in the Northern Europe HRC market to support a daily price and that the transition from a weekly assessment to a daily index is useful and necessary for market participants.
This transition was proposed on October 31, allowing for a market consultation lasting more than one month.
The specification for the new index is as follows:
Steel hot-rolled coil index domestic, exw Northern Europe, €/tonne Quality: Grade s235jr, width 1,200-1,300mm, thickness 3mm. Standard extras for dimensions excluded Quantity: Min 50 tonnes Location: Ex-works Northern Europe (defined as Germany, the Netherlands and Belgium) Timing: Up to 6 weeks Unit: EUR/tonne Payment terms: Typical commercial practice in the HRC market. Transactions that are conducted on different payment or credit terms will be adjusted back to the base specifications, taking into account discounts and standard Publication: Daily, 4pm London time Notes: Only material offered to/traded within Northern Europe, as defined above, will be considered
Fastmarkets’ index methodology applies a tonnage-weighted model, which will ensure the Northern Europe domestic HRC index is the most robust in the industry.
To provide feedback on this index or if you would like to provide price information by becoming a data submitter, contact Maria Tanatar by email at pricing@fastmarkets.com. Please add the subject heading ‘FAO: Maria Tanatar, re: Northern Europe HRC Index.’
To see the full Northern Europe HRC Index methodology, please click here.