Proposal to revamp US stainless scrap prices [update]

Following a consultation period and market feedback, Fastmarkets will proceed with a comprehensive update of its stainless steel scrap prices to bring them in line with its global price reporting agency standards.

The update consists of a number of steps, including the consolidation of price assessments for stainless steel scrap in the United States.

Rather than a range for each individual city for the broker/processor buying prices Fastmarkets reviews, a single delivered processor price for each grade will be published for the United States, with that price to be based off an assessment of the various inputs Fastmarkets receives. The name for these markets will also be changed to processor buying prices. The frequency of the market assessment will remain weekly on Tuesday.

For stainless steel scrap dealer buying prices, Fastmarkets will also consolidate the US cities it assesses into a single US price, delivered yard, across all grades. Dealer buying prices will continue to be assessed every other Tuesday of each month or every other Wednesday of each month.

Fastmarkets will also delist its current set of stainless steel scrap export yard buying prices and dealer buying prices for Montreal, Canada, due to a lack of liquidity.

The changes will take place on January 1, 2023.

The monthly stainless steel scrap consumer buying prices will continue to be published and are unaffected by these changes.

The original notice for the 30-day consultation was published on September 19.

The following prices would be affected by the proposed changes:

Stainless steel scrap broker/processor buying prices

Assessment: 316 solids, clips
Quality: Nickel 10.00-14.00%, chromium 16.00-18.00%, molybdenum 2.00-3.00%, manganese max. 2.00%, carbon max. 0.08%
Location: Delivered processor, US, specified city
Unit: US cents per pound/USD per gross ton
Publication: Once a week. Tuesday

Assessment: 304 solids, clips
Quality: Nickel min. 7.00%, chromium min. 16.00%, molybdenum max. 0.50%, copper max. 0.50%, phosphorus max. 0.45%, sulfur max. 0.30%
Location: Delivered processor, US, specified city
Unit: US cents per pound/USD per gross ton
Publication: Once a week. Tuesday

Assessment: 304 turnings
Quality: Nickel min. 7.00%, chromium min. 16.00%
Location: Delivered processor, US, specified city
Unit: US cents per pound/USD per gross ton
Publication: Once a week. Tuesday

Assessment: 430 bundles
Quality: Chromium 16.00-18.00%, manganese 1.00%, silicon 1.00%
Location: Delivered processor, US, specified city
Unit: US cents per pound/USD per gross ton
Publication: Once a week. Tuesday

Assessment: 430 turnings
Quality: Chromium 16.00-18.00%, manganese 1.00%, silicon 1.00%
Location: Delivered processor, US, specified city
Unit: US cents per pound/USD per gross ton
Publication: Once a week. Tuesday

Assessment: 409 bundles
Quality: Chromium 11.00%
Location: Delivered processor, US, specified city
Unit: US cents per pound/USD per gross ton
Publication: Once a week. Tuesday

Assessment: 409 turnings
Quality: Chromium 11.00%
Location: Delivered processor, US, specified city
Unit: US cents per pound/USD per gross ton
Publication: Once a week. Tuesday

Stainless steel scrap dealer buying prices

Assessment: 316 clips and solids
Quality: Nickel 10.00-14.00%, chromium 16.00-18.00%, molybdenum 2.00-3.00%, manganese max. 2.00%, carbon max. 0.08%
Location: Delivered yard, US/Canada, specified city
Unit: US cents per pound/USD per gross ton (Canadian cities in Canadian currency)
Publication: Every other Tuesday of each month

Assessment: 304 solids, clips
Quality: Nickel min. 7.00%, chromium min. 16.00%, molybdenum max. 0.50%, copper max. 0.50%, phosphorus max. 0.45%, sulfur max. 0.30%
Location: Delivered yard, US/Canada, specified city
Unit: US cents per pound/USD per gross ton (Canadian cities in Canadian currency)
Publication: Every other Tuesday of each month

Assessment: 304 turnings
Quality: Nickel min. 7.00%, chromium min. 16.00%
Location: Delivered yard, US/Canada, specified city
Unit: US cents per pound/USD per gross ton (Canadian cities in Canadian currency)
Publication: Every other Tuesday of each month

Assessment: 304 new clips
Quality: Prompt industrial scrap, nickel min. 7.00%, chromium min. 16.00%, molybdenum max. 0.50%, copper max. 0.50%, phosphorus max. 0.45%, sulfur max 0.30%
Location: Delivered yard, US/Canada, specified city
Unit: US cents per pound/USD per gross ton (Canadian cities in Canadian currency)
Publication: Every other Tuesday of each month

Assessment: 430 new clips
Quality: Prompt industrial scrap, chromium 16.00-18.00%, manganese 1.00%, silicon 1.00%
Location: Delivered yard, US/Canada, specified city
Unit: US cents per pound/USD per gross ton (Canadian cities in Canadian currency)
Publication: Every other Tuesday of each month

To be discontinued

Export Yard Buying:

Assessment: 304 solids, clips
Quality: Nickel min. 7.00%, chromium min. 16.00%, molybdenum max. 0.50%, copper max. 0.50%, phosphorus max. 0.45%, sulfur max 0.30%
Location: Delivered mill, US, specified city Unit: US cents per pound/USD per gross ton
Publication: Once a week, Tuesday

Assessment: 304 turnings
Quality: Nickel min. 7.00%, chromium min. 16.00%
Location: Delivered mill, US, specified city
Unit: US cents per pound/USD per gross ton
Publication: Once a week, Tuesday

Assessment: 304 turnings
Quality: Nickel min. 7.00%, chromium min. 16.00%
Location: Delivered mill, US, specified city
Unit: US cents per pound/USD per gross ton
Publication: Once a week, Tuesday

Dealer Buying Prices Montreal:

MB-STS-0128
Assessment: 316 clips and solids
Quality: Nickel 10.00-14.00%, chromium 16.00-18.00%, molybdenum 2.00-3.00%, manganese max. 2.00%, carbon max. 0.08%
Location: Delivered yard, US/Canada, specified city
Unit: US cents per pound/USD per gross ton (Canadian cities in Canadian currency)
Publication: Every other Tuesday of each month

MB-STS-0129
Assessment: 304 solids, clips
Quality: Nickel min. 7.00%, chromium min. 16.00%, molybdenum max. 0.50%, copper max. 0.50%, phosphorus max. 0.45%, sulfur max. 0.30%
Location: Delivered yard, US/Canada, specified city
Unit: US cents per pound/USD per gross ton (Canadian cities in Canadian currency)
Publication: Every other Tuesday of each month

MB-STS-0130
Assessment: 304 turnings
Quality: Nickel min. 7.00%, chromium min. 16.00%
Location: Delivered yard, US/Canada, specified city
Unit: US cents per pound/USD per gross ton (Canadian cities in Canadian currency)
Publication: Every other Tuesday of each month

MB-STS-0131
Assessment: 304 new clips
Quality: Prompt industrial scrap, nickel min. 7.00%, chromium min. 16.00%, molybdenum max. 0.50%, copper max. 0.50%, phosphorus max. 0.45%, sulfur max 0.30%
Location: Delivered yard, US/Canada, specified city
Unit: US cents per pound/USD per gross ton (Canadian cities in Canadian currency)
Publication: Every other Tuesday of each month

To provide feedback on this proposal, or if you would like to provide price information by becoming a data submitter to the stainless steel scrap assessments, please contact Sean Barry at pricing@fastmarkets.com. Please add the subject heading: “FAO: Sean Barry re: stainless scrap.”

To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

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