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The new prices will build on the success of Fastmarkets’ price reporting on the Bangladesh import market for HMS 1&2 (80:20) scrap, which started on Thursday March 19.
During Fastmarkets’ coverage of the import deep-sea bulk market for HMS 1&2 (80:20), several market participants expressed interest in Fastmarkets expanding our pricing expertise into the import containerized scrap markets.
The addition of the prices, which will be published in line with International Organization of Securities Commissions (Iosco) standards and benchmark regulations, will reinforce Fastmarkets’ position as the leading global price reporting agency for Asia’s ferrous scrap markets.
After undertaking an extensive consultation period that began on August 21, Fastmarkets has launched ferrous scrap prices with the below specifications.
Assessment: Steel scrap shredded deep-sea origin import, cfr Bangladesh Quality: Shredded scrap compliant to ISRI specifications 210-212 Quantity: Minimum 2,000 tonnes (bulk) Location: cfr Chattogram Timing: 3-6 weeks Unit: $/tonne Payment terms: Letter of credit on sight Publication: Every Thursday, 5-6pm Singapore time
Assessment: Steel scrap shredded containerized import, cfr Bangladesh Quality: Shredded scrap compliant to ISRI specifications 210-212 Quantity: Minimum 50 tonnes (in containers) Location: cfr Chattogram Timing: 3-9 weeks Unit: $/tonne Payment terms: Letter of credit on sight Publication: Every Thursday, 5-6pm Singapore time
Assessment: Steel scrap HMS 1&2 (80:20) containerized import, cfr Bangladesh Quality: HMS 1&2 (80:20 mix) compliant to ISRI specifications 200-206 Quantity: Minimum 50 tonnes (in containers) Location: cfr Chattogram Timing: 3-9 weeks Unit: $/tonne Payment terms: Letter of credit on sight Publication: Every Thursday, 5-6pm Singapore time
The first date of assessment for the Bangladesh price will be on Thursday September 24. The price will be published on a weekly basis on Thursdays at 5-6pm Singapore time.
As part of the consultation process for the launch of these prices, extensive feedback from market participants also clearly indicated that to best serve the market more generally, a minimum tonnage of 2,000 tonnes should be adopted for Fastmarkets’ existing assessments for deep-sea HMS 1&2 (80:20) cfr Bangladesh and South Korea.
To provide feedback on this price or if you would like to provide price information by becoming a data submitter to any of these prices, please contact Lee Allen by email at pricing@fastmarkets.com. Please add the subject heading ‘FAO: Lee Allen, re: Bangladesh and scrap prices.’
To see all Fastmarkets’ pricing methodology and specification documents, go to www.fastmarkets.com/about-us/methodology.