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Although Fastmarkets believes that its monthly trends have been correct, there had been feedback from the market that ferrous scrap turnings in St Louis no longer reflect actual transaction prices, owing in part due to market dislocations from the peak of the Covid-19 pandemic last year.
As a result, Fastmarkets will hold a 30-day consultation period beginning Tuesday August 9, during which it invites comments and input from market participants. An update to this notice will be published on September 7. Any market adjustments to the ferrous scrap turnings price in St Louis will be made in September prior to the monthly pricing settlement.
The specifications for the affected scrap grade are as follows:
MB-STE-0359 Machine shop turningsQuality: 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: fob dealer yard St LouisUnit: USD per gross tonPublication: MonthlyNotes: ISRI Code: 219
To provide feedback on this proposal, 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: St Louis turnings price.
To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.