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After a month-long consultation period, this new daily index for Italian material, alongside a new weekly Spain domestic HRC price assessment, replaces the weekly Southern Europe domestic HRC price assessment.
Fastmarkets applied the historical pricing data of the steel hot-rolled coil domestic, exw Southern Europe, assessment to the new domestic Italy HRC index, because Italy-origin material accounts for more than three-quarters of Southern European domestic HRC.
HRC production in Italy was an estimated 7.6 million tonnes in 2020, accounting for 11% of output in the EU, according to Fastmarkets’ research team.
Fastmarkets launched a weekly price assessment for steel HRC, domestic, exw Spain, on March 24. Prices in Spain are traditionally higher than those in Italy, but significantly lower than prices in the north of Europe.
Fastmarkets’ index methodology screens outliers and applies a quantity-weighted model to ensure that the Italy domestic HRC index is the most robust in the industry. Fastmarkets has no financial interest in the level or direction of the index.
MB-STE-0892 Steel hot-rolled coil index, domestic, exw Italy, € per tonne
Quality: Grade s235jr, width 1,250-1,500mm, thickness 3-4mm; standard extras for dimensions excluded
Quantity: Minimum 28 tonnes
Location: ex-works Italian mills
Timing: Up to 6 weeks
Unit: € per 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 Italy, as defined above, will be considered.
To provide feedback on this index, or if you would like to provide price information by becoming a data submitter to this index, please contact Maria Tanatar by email at: pricing@fastmarkets.com. Please add the subject heading ‘FAO: Maria Tanatar, re: Italy domestic HRC.’
To see all Fastmarkets’ pricing methodology and specification documents, go to: https://www.fastmarkets.com/about-us/methodology.