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Proposal to adjust Cincinnati and Pittsburgh bundles assessment: pricing notice

Fastmarkets is proposing a realignment of its consumer buying price for ferrous scrap No1 bundles in Cincinnati and Pittsburgh, effective from the May 2023 monthly settlement.

April 4, 2023
By Sean Barry
Ferrous scrap Pricing notice

The price realignment also includes the consumer buying price for ferrous scrap No1 industrial bundles in Pittsburgh.

The specification for the affected scrap grades are as follows:

Assessment: No1 bundles
MB-STE-0304
MB-STE-0250
Quality: New black steel sheet scrap, clippings or skeleton scrap, compressed or hand bundled, to charging box size, and weighing not less than 75 pounds per cubic foot. (Hand bundles are tightly secured for handling with a magnet.) May include Stanley balls or mandrel wound bundles or skeleton reels, tightly secured. May include chemically detinned material. May not include old auto body or fender stock. Free of metal coated, limed, vitreous enameled, and electrical sheet containing over 0.50 percent silicon.
Location: Delivered mill, US/Canada, specified city
Unit: USD per gross ton (Canadian cities in Canadian currency/net tons)
Publication: Monthly, typically before the 10th Notes: ISRI Code: 208

Assessment: MB-STE-0307 No1 industrial bundles
Quality: New production sheet scrap, clippings, or skeleton scrap, hydraulically compressed originating from a factory. Size: No more than 24 inches x 24 inches x 48 inches long with individual bundles weighing no more than 4,000 pounds. Density: 150 pounds per cubic foot minimum.
Location: Delivered mill, US/Canada, specified city
Unit: USD per gross ton (Canadian cities in Canadian currency/net tons)
Publication: Monthly, typically before the 10th

Although Fastmarkets believes that its monthly trends have been correct, there has been feedback from the market that ferrous scrap No1 bundles in Cincinnati and Pittsburgh and also No1 industrial bundles in Pittsburgh no longer reflected actual transaction prices.

As a result, Fastmarkets will hold a 30-day consultation period beginning Tuesday April 4, during which it invites comments and input from market participants. An update to this notice will be published on May 4, 2023.

To provide feedback on these prices, or if you would like to provide price information by becoming a data submitter to the ferrous scrap assessments, please contact Sean Barry at pricing@fastmarkets.com. Please add the subject heading: FAO: Sean Barry re: No.1 bundles Cincinnati and Pittsburgh.

To see all of Fastmarkets’ pricing methodology and specification documents, please click here.

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