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The amendments will include new payment terms, tonnages and timing.
The proposed amendments will allow Fastmarkets to consider more spot liquidity within its assessments of billet prices in Egypt, the United Arab Emirates, Turkey and Iran as well as the Iranian slab export price.
The consultation period for this proposed amendment will end one month from the date of this pricing notice, on August 3, with changes taking place, subject to market feedback, from August 5.
Following the amendment, the specifications will be as follows:
Assessment: Egypt import billet $ per tonne cfr Dimensions: 100x100mm to 150-150mm, length 10-12m Quantity: 5,000-20,000 tonnes Location: cfr Egypt Timing: 6-8 weeks Unit: USD/tonne Payment terms: L/c with partial pre-payment, cash against documents Publication: Weekly. Thursday, 2-3pm London Time
Assessment: Turkey import billet $ per tonne cfr main port Dimensions: 120x120mm to 150x150mm Quantity: 10,000-30,000 tonnes Location: cfr Turkey Timing: 4-6 weeks Unit: USD/tonne Payment terms: L/C with partial pre-payment Publication: Weekly. Thursday, 2-3pm London
Assessment: UAE import billet $ per tonne cfr Jebel Ali Dimensions: 100×100 to 160-160mm, length 10-12m Quantity: 10,000-40,000 tonnes Location: cfr Jebel Ali Timing: 6-8 weeks Unit: USD/tonne Payment terms: Prompt payment upon delivery, cash against documents, letter of credit Publication: Weekly. Tuesday, 2-3pm London time
Assessment: Iran export billet $ per tonne fob Dimensions: 130x130mm to 150x150mm, length 8,000-12,000mm Quantity: 20,000-40,000 tonnes Location: fob Iran Timing: 6 weeks Unit: USD/tonne Unit: USD/tonne Payment terms: Cash with 20-25% pre-payment Publication: Weekly, Wednesday, 1-2pm London time.
Assessment: Iran export slab $ per tonne fob Dimensions: Width 900-2,000mm, thickness 195-250mm, length 3,800-11,000mm Quantity: 20,000-30,000 tonnes Location: fob Iran Timing: Up to 6-8 weeks Unit: USD/tonne Unit: USD/tonne Payment terms: Cash with 20-25% pre payment Publication: Weekly. Wednesday, 1-2pm London time
To provide feedback on the proposed amendment or if you would like to provide price information by becoming a data submitter please contact Serife Durmus for Egypt and UAE prices, Cem Turken for Turkey prices and Vlada Novokreshchenova for Iranian prices by email at:pricing@fastmarkets.com. Please add the subject heading ‘FAO: Serife Durmus/Cem Turken/Vlada Novokreshchenova, re:global semi-finished steel prices specifications.’
To see all Fastmarkets’ pricing methodology and specification documents go to www.fastmarkets.com/about-us/methodology