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The new prices include two prices on a cfr South Korea basis and two on a cfr Bangladesh basis.
South Korea is one of Asia’s largest ferrous scrap importers, buying large volumes of scrap from origins such as Japan and the US West Coast.
Bangladesh, a rapidly growing scrap importer, is purchasing growing volumes from origins such as Japan, the US West Coast and Europe.
The new prices will help deliver more choice to subscribers, more transparency and more clarity to our Asian scrap coverage while also complementing Fastmarkets’ forthcoming launch of Japanese export scrap prices.
The addition of the prices, which will be published in line with IOSCO standards and benchmark regulations, will reinforce Fastmarkets’ position as the leading global price reporting agency for the Asia ferrous scrap markets.
The proposed price specifications are as follows:
Assessment: Steel scrap H2 Japan origin import, cfr South Korea Quality: Old steel of Japanese origin, sheared or cut to pieces measuring 3-6mm thick and no longer than 1.2 meters in any direction Quantity: Minimum 2,000 tonnes (bulk) Location: cfr South Korea main port Timing: 4-6 weeks Unit: USD/tonne Payment terms: Letter of credit on sight Publication: Weekly. Friday, 5-6pm Singapore time
Assessment: Steel scrap HMS 1&2 (80:20) deep-sea origin import, cfr South Korea Quality: HMS 1&2 (80:20 mix) compliant to ISRI specifications 200 – 206. Quantity: Minimum 5,000 tonnes (bulk) Location: cfr South Korea main port Timing: 4-6 weeks Unit: USD/tonne Payment terms: Letter of credit on sight Publication: Weekly. Friday, 5-6pm Singapore time
Assessment: Steel scrap H2 Japan origin import, cfr Bangladesh Quality: Old steel of Japanese origin, sheared or cut to pieces measuring 3-6mm thick and no longer than 1.2 meters in any direction Quantity: Minimum 2,000 tonnes (bulk) Location: cfr Chittagong Timing: 4-6 weeks Unit: USD/tonne Payment terms: Letter of credit on sight Publication: Weekly. Friday, 5-6pm Singapore time
Assessment: Steel scrap HMS 1&2 (80:20) deep-sea origin import, cfr Bangladesh Quality: HMS 1&2 (80:20 mix) compliant to ISRI specifications 200 – 206. Quantity: Minimum 5,000 tonnes (bulk) Location: cfr Chittagong Timing: 4-6 weeks Unit: USD/tonne Payment terms: Letter of credit on sight Publication: Weekly. Friday, 5-6pm Singapore time
The consultation period for this proposed launch will end one month from the date of this pricing notice on Tuesday March 17, 2020. The launch will take place, subject to market feedback, on Friday March 20, 2020.
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: Japan scrap prices.’
To see all Fastmarkets’ pricing methodology and specification documents, please go to www.metalbulletin.com/prices/pricing-methodology.html.