PRICING NOTICE: Proposal to launch Pakistan import shredded steel scrap index

Fastmarkets proposes to launch a new weekly price index for the Pakistan shredded steel scrap import market following feedback that such an index would be of value to market participants, both by itself and in conjunction with Fastmarkets’ other regional scrap prices, which includes coverage of import scrap prices for India as well as Bangladesh.

Steel scrap shredded, index, import, cfr Nhava Sheva, India $/tonne

Steel scrap shredded deep-sea origin import, cfr Bangladesh, $/tonne

Fastmarkets already includes coverage of the Pakistan shredded steel scrap import market to supplement its India steel scrap market reports. The launch of the new index is, therefore, based on extensive pre-existing market data and knowledge.

Pakistan is one of the world’s five largest steel scrap importers, according to BIR recycling figures, at 4.3 million tonnes in 2019.

The proposed specifications for the steel scrap shredded, index, import, cfr Port Qasim, Pakistan $/tonne are as follows:
Quality: Shredded scrap, compliant to ISRI specifications 210-212.
Quantity: Minimum 500 tonnes
Location: Cfr Port Qasim, Pakistan
Timing: Within six weeks
Unit: $/tonne
Payment terms: Letter of credit
Publication: Weekly, Fridays at 4pm London time
Notes: Containerized, all origins

The consultation period for this proposed launch starts from Tuesday October 6 and will end on Friday November 6. The index launch will take place, subject to market feedback, on Friday November 6.

Fastmarkets’ index methodology screens outliers and applies a quantity-weighted model to ensure that the Pakistan import shredded steel scrap index is the most robust in the industry.

Fastmarkets has no financial interest in the level or direction of the index.

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: pricing@fastmarkets.com. Please add the subject heading ‘FAO: Carrie Bone, re: Pakistan shredded index’.

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