PRICING NOTICE: Proposal to amend frequency of India shredded steel scrap index
Fastmarkets proposes to increase the frequency of its India ferrous shredded scrap index to twice each week because of continued price volatility in the market.
The steel scrap shredded, index, import, cfr Nhava Sheva, India, is subject to continuous fluctuations in the market as a result of factors such as the Covid-19 pandemic and the global shipping crisis. This means that the index, currently calculated once a week on Friday, now warrants a twice-per-week publishing schedule to accurately capture and reflect the market’s movements.
MB-STE-0421 Steel scrap shredded, index, import, cfr Nhava Sheva, India, $/tonne
Quality: Shredded material, compliant to ISRI specifications 210-212. Grades normalized: shredded, HMS 1&2 (70:30 mix),HMS 1&2 (90:10 mix), HMS 1, Bonus Grade, P&S, and A3 material
Quantity: Min 100 tonnes
Location: cfr Nhava Sheva
Timing: Within six weeks
Unit: USD per tonne
Payment Terms: Cash, other payment terms normalized to Nhava Sheva
Publication: Weekly, Fridays at 4pm London time
Notes: Containerized, all origins.
An increase in the frequency of the index calculation will give more assistance in raw material purchasing decisions to those active in the markets.
The proposed publishing days would be Tuesday and Friday each week.
The consultation period for this proposed amendment starts from Tuesday April 20 and will end on Thursday May 20. The amendment will then take effect, subject to market feedback, from Tuesday May 25.
This change will not affect the weekly price assessment for steel scrap, HMS 1&2 (80:20 mix), import, cfr Nhava Sheva, India.
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 Carrie Bone by email at: firstname.lastname@example.org. Please add the subject heading ‘FAO: Carrie Bone re: India shredded index.’
To see all Fastmarkets’ pricing methodology and specification documents, go to: https://www.fastmarkets.com/about-us/methodology.