PRICING NOTICE: Open consultation on Fastmarkets’ methodology for Northern Europe, US HRC indices

Fastmarkets is inviting feedback from the industry on its pricing methodology for its Northern Europe and United States hot-rolled coil indices as part of its annual methodology review process in compliance with the International Organization of Securities Commissions (Iosco) principles for price reporting agencies.

This consultation, which is open until July 16, 2021, seeks to ensure that our methodology continues to reflect the physical markets under the steel hot-rolled coil index domestic, exw Northern Europe, €/tonne and the steel hot-rolled coil index, fob mill US, $/cwt. This includes all elements of our pricing process, our price specifications and publication frequency.

The specifications of the indices are as follows:

MB-STE-0028 Northern Europe domestic HRC Index

Quality: Grade s235jr, 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: €/tonne (longer delivery times will be considered under unusual conditions when no material is available for delivery within 6 weeks)
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

MB-STE-0184 Steel hot-rolled coil index, fob mill US, $/cwt
Quality: 0.09 inch-0.38 inch thick x 48-72 inches wide ASTM A1011 Commercial Steel and corresponding grades
Quantity: Min 50 tons
Location: fob US mill, excluding Pacific states (Washington, Oregon, California, Alaska and Hawaii) as defined by the US Census Bureau.
Unit: $ per hundredweight
Publication: Daily by 5pm New York time.
Notes: Standard packaging, raw materials surcharges included. Payment terms are 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 commercial terms.

To provide feedback on the annual review of the steel hot-rolled coil index domestic, exw Northern Europe, €/tonne, or if you would like to provide price information by becoming a data submitter to this index, please contact Ross Yeo by email at pricing@fastmarkets.com. Please add the subject heading “FAO: Ross Yeo re: annual methodology review of Fastmarkets Northern Europe HRC Index.”

To provide feedback on the annual review of the steel hot-rolled coil index, fob mill US, $/cwt, or if you would like to provide price information by becoming a data submitter to this index, please contact Thorsten Schier by email at pricing@fastmarkets.com. Please add the subject heading “FAO: Thorsten Schier re: annual methodology review of Fastmarkets US HRC Index.”

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 July 20, including all feedback unless noted 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 for the industry.

To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/ about-us/methodology.

What to read next
Get the key takeaways from our recent webinar covering the future of US ferro-chrome pricing in a post-benchmark world.
Due to a public holiday there is no PIX publishing on Tuesday December 24, 2024. The PIX Pulp and Paper Europe and PIX Sawn Timber Finland indices will be published on Friday December 27, 2024, at 12 noon Helsinki time instead. The PIX Pulp China indices will be published normally on Friday December 27, 2024, […]
Fastmarkets has corrected its AG-SYB-0081 Crush Margin Argentina Soy, which was published incorrectly on Wednesday November 13.
Steel market participants had varying reactions to US President-elect Donald Trump’s assertion on Monday September 25 that he will impose a 25% tariff of all products being imported from Canada and Mexico into the US, as well as levy a 10% additional tariff on all Chinese imports.
The news that President-elect Donald Trump is considering additional tariffs on goods from China as well as on all products from US trading partners Canada and Mexico has spurred alarm in the US aluminium market at a time that is usually known to be calm.
The re-election of Donald Trump for a second term as US president has created uncertainty about the ability of Chinese carmakers to continue to manufacture and export auto components into Mexico to be fully assembled and then exported to the US.