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The proposal follows market feedback and data collected by Fastmarkets, which suggested that the price assessment is not a major price benchmark or key reference for market participants.
Specifically, Fastmarkets is proposing to discontinue:MB-STE-0164 Steel wire rod (mesh quality) domestic, ex-whs Eastern China, yuan/tonneQuality: Q235B, diameter 6.5-10mmQuantity: 40-1,000 tonnesLocation: Ex-warehouse ShanghaiTiming: SpotUnit: RMB/tonnePayment terms: Prompt payment upon deliveryPublication: Weekly. Fridays at 5-6pm Shanghai timeNotes: Inclusive of 13% VAT
The price is part of the Fastmarkets steel package.
The consultation period for this price discontinuation begins on Thursday December 12 and will end on Friday January 10, with changes taking place, subject to market feedback, from Friday January 17.
All short-term forecasts associated with the price produced by the Fastmarkets research team, if any, will also be discontinued.
To provide feedback on the proposal to discontinue the inferred price assessment or if you would like to provide price information by becoming a data submitter, please contact Jessica Zong or Paul Lim by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Jessica Zong/Paul Lim, re: China steel prices.” 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 https://www.fastmarkets.com/methodology.