Proposal to adjust Detroit turnings decision

Following a consultation period and market feedback, Fastmarkets has realigned its consumer buying price for ferrous scrap turnings in Detroit, effective the July 2022 monthly settlement.

The price for ferrous scrap turnings in Detroit is $165 per gross ton, which represents a $30-per-ton market decrease and a $155-per-ton non-market adjustment.

The specification for the affected scrap grade is as follows:

MB-STE-0274
Assessment: Machine shop turnings
Quality: Clean steel or wrought iron turnings, free of iron borings, nonferrous metals in a free state, scale, or excessive oil. May not include badly rusted or corroded stock.
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: 219

Although Fastmarkets believes that its monthly trends have been correct, there had been feedback from the market that ferrous scrap turnings in Detroit no longer reflected actual transaction prices.

The original notice for this 30-day consultation period was published on Wednesday June 8, 2022.

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: Detroit turnings price.

To see all of Fastmarkets’ pricing methodology and specification documents, please click here: https://www.fastmarkets.com/methodology/metals

What to read next
A summary of second-quarter and first-half results posted by Aluminium Bahrain (Alba) for the period ending June 30, 2022
The publication of Fastmarkets’ daily steel hot-rolled coil index, domestic, ex-works Northern Europe and daily steel hot-rolled coil index, domestic, exw Italy for Monday August 15 took place earlier than scheduled due to a reporter error.
Fastmarkets invites all nickel market participants to provide feedback on its initiative to launch a price for the physical mixed-hydroxide-precipitate (MHP) market.
Inquiries for supplies of low-carbon aluminium in Europe for 2023 are steadily increasing, leading a growing number of market participants to write the Fastmarkets low-carbon aluminium differentials into their contracts
The Inflation Reduction Act in the United States may ironically cause global metal market prices to rise for some metals used in electric vehicles (EVs), Fastmarkets sources said
Globalization, financialization and other key differences in today’s metals markets make comparisons to past periods of inflation potentially misleading. Fastmarkets experts discuss.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed