Proposal to adjust Cincinnati and Pittsburgh busheling price

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

The specification for the affected scrap grades are as follows:

MB-STE-0251
MB-STE-0526
Assessment: No1 busheling
Quality: Clean steel scrap, maximum size 2 feet by 5 feet, including new factory busheling (sheet clippings, stampings, etc). May not include old auto body and fender stock. Free of metal coated, limed, vitreous enameled and electrical sheet containing more than 0.5% 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
ISRI Code: 207
Notes: A separate methodology for the AMM Midwest index is available

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

As a result, Fastmarkets will hold a 30-day consultation period beginning Friday March 24, during which it invites comments and input from market participants. An update to this notice will be published on April 24, 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 busheling Cincinnati and Pittsburgh.

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

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