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

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