Proposal to adjust Detroit turnings price

Fastmarkets is proposing a realignment of its consumer buying price for ferrous scrap turnings in Detroit, effective from the July 2022 monthly settlement.

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.

As a result, Fastmarkets will hold a 30-day consultation period beginning Wednesday June 8, during which it invites comments and input from market participants. An update to this notice will be published on July 8, 2022. Any market adjustments to the ferrous scrap turnings in Detroit will be made in July prior to the monthly pricing settlement.

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, go to https://www.fastmarkets.com/methodology.

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