Proposal to amend Europe stainless steel scrap price assessments to domestic from import

The price assessments in question are:
MB-STS-0008 Stainless steel scrap 18/8 solids, import, cif main European port, € per tonne
MB-STS-0009 Stainless steel scrap 18/8 turnings, import, cif main European port, € per tonne
MB-STS-0261 Stainless steel scrap 316 solids, import, cif main European port, € per tonne
MB-STS-0262 Stainless steel scrap 316 turnings, import, cif main port Europe, € per tonne

Imports of stainless steel scrap into Europe have become sporadic, while the domestic market offers more consistent liquidity, meaning that domestic assessments will be a more relevant pricing tool for subscribers.

Consequently, it is proposed to change the incoterms for these assessments to delivered merchant Europe from cif main port Europe.

Minimum volumes of 20 tonnes will also be added to the solids price specifications, in which quantities are currently undefined. Turnings minimum volumes will remain undefined, given that smaller tonnages of turnings are often included within a larger quantity of traded solids.

In addition, Fastmarkets proposes to add details pertaining to the quality of the stainless steel scrap being assessed, which is currently undefined. These details will include chemical composition and, in the case of solids, dimensions.

These quality clarifications will also be applied to Fastmarkets’ UK stainless steel price assessments, namely:
MB-STS-0010 Stainless steel scrap 18/8 solids, domestic, delivered merchant UK, £ per tonne
MB-STS-0011 Stainless steel scrap 18/8 turnings, domestic, delivered merchant UK, £ per tonne
MB-STS-0259 Stainless steel scrap 316 solids, domestic, delivered merchant UK, £ per tonne
MB-STS-0260 Stainless steel scrap 316 turnings, domestic, delivered merchant UK, £ per tonne

And finally, it is proposed to amend the name of the UK assessments for 18/8 stainless steel scrap to include mention of grade 304. This is being proposed to reduce confusion; 18/8 and 304 are different names for the same grade of stainless steel.

The full list of proposed new specifications is as follows.

Europe
MB-STS-0008 Stainless steel scrap, grade 304 (18/8), delivered merchant Europe, € per tonne
Quality: Clean. Solids, min. size 1mm, max. size 1.5×1.0m. Nickel min. 8.00%, chromium min. 16.00%, molybdenum max. 0.50%, copper max. 0.60%, phosphorus max. 0.45%, sulfur max. 0.05%.
Quantity: minimum 20 tonnes
Location: Delivered merchant
Timing: within 4 weeks
Unit: € per tonne
Payment terms: 30 days, other payment terms normalized
Publication: Weekly. Friday, 2-3pm UK time

MB-STS-0009 Stainless steel scrap 18/8 turnings, delivered merchant Europe, € per tonne
Quality: Turnings or shavings, no solids. Nickel min. 8.00%, chromium min. 16.00%, molybdenum max. 0.50%, copper max. 0.60%, phosphorus max. 0.45%, sulfur max. 0.05%.
Quantity: not defined
Location: Delivered merchant
Timing: within 4 weeks
Unit: € per tonne
Payment terms: 30 days, other payment terms normalized
Publication: Weekly. Friday, 2-3pm UK time

MB-STS-0261 Stainless steel scrap 316 solids, delivered merchant Europe, € per tonne
Quality: Solids, min. size 1mm, max. size 1.5×1.0m. Nickel min 10.00%, chromium min 16.00%, molybdenum min 2.00%, manganese max. 2.00%
Quantity: minimum 20 tonnes
Location: Delivered merchant
Timing: within 4 weeks
Unit: € per tonne
Payment terms: 30 days, other payment terms normalized
Publication: Weekly. Friday, 2-3pm UK time

MB-STS-0262 Stainless steel scrap 316 turnings, delivered merchant Europe, € per tonne
Quality: Turnings or shavings, no solids. Nickel min 10.00%, chromium min 16.00%, molybdenum min 2.00%, manganese max. 2.00%
Quantity: not defined
Location: Delivered merchant
Timing: within 4 weeks
Unit: € per tonne
Payment terms: 30 days, other payment terms normalized
Publication: Weekly. Friday, 2-3pm UK time

UK
MB-STS-0010 Stainless steel scrap 18/8 (304) solids, domestic, delivered merchant UK, £ per tonne
Quality: Clean. Solids, min. size 1mm, max. size 1.5×1.0m. Nickel min. 8.00%, chromium min. 16.00%, molybdenum max. 0.50%, copper max. 0.60%, phosphorus max. 0.45%, sulfur max. 0.05%.
Quantity: 0.10-1,000 tonnes
Location: UK
Timing: Prompt shipment within the month or on call-off, varies
Unit: £ per tonne
Payment terms: Varies
Publication: Weekly. Friday, 2-3pm London time

MB-STS-0011 Stainless steel scrap 18/8 (304) turnings, domestic, delivered merchant UK, £ per tonne
Quality: Turnings or shavings, no solids. Nickel min. 8.00%, chromium min. 16.00%, molybdenum max. 0.50%, copper max. 0.60%, phosphorus max. 0.45%, sulfur max. 0.05%.
Quantity: Not defined
Location: UK
Timing: Prompt shipment within the month or on call-off, varies
Unit: £ per tonne
Payment terms: Varies
Publication: Weekly. Friday, 2-3pm London time

MB-STS-0259 Stainless steel scrap 316 solids, domestic, delivered merchant UK, £ per tonne
Quality: Solids, min. size 1mm, max. size 1.5×1.0m. Nickel min 10.00%, chromium min 16.00%, molybdenum min 2.00%, manganese max. 2.00%
Quantity: 0.10-1,000 tonnes
Location: UK
Timing: Prompt shipment within the month or on call-off, varies
Unit: £ per tonne
Payment terms: Varies
Publication: Weekly. Friday, 2-3pm London time

MB-STS-0260 Stainless steel scrap 316 turnings, domestic, delivered merchant UK, £ per tonne
Quality: Turnings or shavings, no solids. Nickel min 10.00%, chromium min 16.00%, molybdenum min 2.00%, manganese max. 2.00%
Quantity: Not defined
Location: UK
Timing: Prompt shipment within the month or on call-off, varies
Unit: £ per tonne
Payment terms: Varies
Publication: Weekly. Friday, 2-3pm London time

The consultation period for this proposed amendment starts from October 28 and will end on November 25. The amendment will then take place, subject to market feedback, on November 28.

To provide feedback on these prices, or if you would like to provide price information by becoming a data submitter to these prices, please contact pricing@fastmarkets.com and metalsrecycling@fastmarkets.com. Please add the subject heading “re: Europe/UK stainless scrap.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets’ pricing methodology and specification documents, go to the Fastmarkets methodology page.