US Midwest ferrous scrap indices open consultation

Fastmarkets is inviting feedback from the industry on the pricing methodologies for its Midwest ferrous scrap indices as part of its annual methodology review process in compliance with the International Organization of Securities Commissions (Iosco) principles for price reporting agencies.

This consultation, which begins Monday April 4 and ends May 4, seeks to ensure that our methodologies continue to reflect the physical market under our ferrous scrap indices, delivered Midwest mill. This includes all elements of our pricing process, our price specifications and publication frequency.

The following prices are part of this consultation:

MB-STE-0424 Steel scrap No1 heavy melt, index, delivered Midwest mill, $/gross ton
Quality: ISRI Grade 200 – No1 heavy melting steel. Wrought iron and/or steel scrap 1/4 inch and over in thickness. Individual pieces not over 60 x 24 inches (charging box size) prepared in a manner to insure compact charging. ISRI Grade 202 – No1 heavy melting steel 5 feet x 18 inches. Wrought iron and/or steel scrap 1/4 inch and over in thickness. Individual pieces not over 60 x 18 inches (charging box size) prepared in a manner to insure compact charging.
Quantity: Min 500 gross tons
Location: Delivered Midwest mill – any mill in Illinois, Indiana, Michigan, Wisconsin, Iowa and NW Ohio
Timing: Within 30 days
Unit: US dollars per gross ton
Payment terms: Net 30 days post delivery
Publication: 10th of each month by 4pm New York time (or following working day)
Notes: All origins

MB-STE-0422 Steel scrap No1 busheling, index, delivered Midwest mill, $/gross ton
Quality: ISRI Grade 207 – No1 busheling ferrous busheling. Ferrous busheling. Compliant to ISRI Specifications 7 No1 busheling. Clean steel scrap, maximum size 2 feet by 5 feet, including new factory busheling (sheet clippings, stampings, etc). May not include old auto body and fender stock. Free of metal coated, limed, vitreous enameled, and electrical sheet containing over 0.5% silicon.
Quantity: 500 gross tons
Location: Delivered US Midwest mill – any mill in Illinois, Indiana, Michigan, Wisconsin, Iowa and NW Ohio
Timing: Within 30 days
Unit: US dollars per gross ton
Payment terms: Net 30 days post delivery
Publication: 10th of each month by 4pm New York time (or following working day)
Notes: All origins

MB-STE-0423 Steel scrap shredded, index, delivered Midwest mill, $/gross ton
Quality: ISRI Grade 211 – shredded scrap. Homogeneous iron and steel scrap magnetically separated, originating from automobiles, unprepared No1 and No2 steel, miscellaneous baling and sheet scrap. Average density 70 pounds per cubic foot.
Quantity: Min 500 gross tons
Location: Delivered US Midwest mill – any mill in Illinois, Indiana, Michigan, Wisconsin, Iowa and NW Ohio
Timing: Within 30 days
Unit: US dollars per gross ton
Payment terms: Net 30 days post delivery
Publication date: 10th of each month by 4pm New York time (or following working day)
Notes: All origins

To provide feedback on the annual review of the Midwest ferrous scrap indices, or if you would like to provide price information by becoming a data submitter to this price/index, please contact Sean Barry by email at pricing@fastmarkets.com. Please add the subject heading: FAO: Sean Barry re: annual methodology review of Fastmarkets US Midwest ferrous scrap indices.

Please specify whether your response is confidential. Opinions offered in confidential responses can be referenced but will not be attributed in any way.

Fastmarkets will publish the outcome of this methodology review by May 9, including all feedback unless noted as confidential. Any proposals to make material changes, discontinue or launch prices will involve a separate market consultation, the length of which will depend on how substantial the change is for the industry.

To see all of Fastmarkets’ pricing methodology and specification documents, go to www.fastmarkets.com/about-us/methodology.

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