Proposal to increase publication frequency of some UK, Europe, Turkey steel scrap prices

The prices in question are:

MB-STE-0100 Steel scrap, HMS 1&2 (80:20 mix), export, fob main port UK, $ per tonne
MB-STE-0099 Steel scrap shredded, export, fob main port UK, $ per tonne
MB-STE-0095 Steel scrap shredded, import, cfr delivered Turkish port, $ per tonne
MB-STE-0420 Steel scrap, HMS 1&2 (80:20 mix), fob Rotterdam, $ per tonne.

Increasing the frequency of assessment of these prices is necessary to bring adequate transparency to these liquid and dynamic markets. The move will bring these prices into line with Fastmarkets’ key daily Turkey HMS 1&2 (80:20) import prices, for both Europe- and US-origin material.

These prices are currently published weekly on Fridays. Only the publication frequency will be changed, and publication times will be adjusted to 4pm London time where necessary. All other specification relating to the prices in question will remain unchanged.

The proposed specifications will be as follows:

MB-STE-0100 Steel scrap HMS 1&2 (80:20 mix) export, fob main port UK, $ per tonne
Quality: 18×36 inches to 24×60 inches
Quantity: Standard order size 1,000 tonnes
Location: FOB UK
Timing: Up to 6 weeks
Unit: USD per tonne
Payment terms: LC, bank transfer
Publication: Daily, 4pm London time

MB-STE-0099 Steel scrap shredded export, fob main port UK, $ per tonne
Quality: Standard size 200mm
Quantity: Standard order size 1,000 tonnes
Location: FOB UK
Timing: Up to 6 weeks
Unit: USD per tonne
Payment terms: LC, bank transfer
Publication: Daily, 4pm London time

MB-STE-0095 Steel scrap shredded import, cfr delivered Turkish port, $ per tonne
Quality: Standard size 200mm
Quantity: Standard order size 1,000 tonnes
Location: cfr Europe, USA
Timing: Up to six weeks
Unit: USD per tonne
Payment terms: LC, bank transfer
Publication: Daily, 4pm London time

MB-STE-0420 Steel scrap HMS 1&2 (80:20 mix), fob Rotterdam, $ per tonne
Quality: HMS 1&2 (80:20 mix) NE origin compliant to ISRI specifications 200-206. Grades normalized: shredded, HMS 1&2 (70:30 mix), HMS 1&2 (90:10 mix), HMS 1, Bonus Grade, P&S, and A3 material
Quantity: Min 5,000 tonnes
Location: fob Rotterdam, Netherlands
Timing: Within six weeks
Unit: USD per tonne
Payment terms: Cash, other payment terms normalized to Rotterdam
Publication: Daily, 4pm London time
Notes: Bulk carrier from Northern Europe

These prices are part of Fastmarkets’ scrap package.

The consultation period for this proposed amendment starts on Monday May 12 and will end on Monday June 9. The amendment will then take place, subject to market feedback, on Monday June 16.

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 Ross Yeo by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Ross Yeo re: steel scrap 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.