After a consultation, which closed on Monday August 26, along with data examination, Fastmarkets amended the frequency of the indices listed below to monthly, instead of weekly. The next publication will take place on Friday September 6, and the first Friday of each month thereafter.
The change has been made following feedback from market participants who are seeing a lack of liquidity in the Chinese scrap import spot market due to a persistent gap between bids and offers for the material.
The new specifications are listed below:
MB-STE-0889 Steel scrap, index, heavy recycled steel materials, cfr east China, $/tonne
Quality: Cut structural and plate scrap, compliant with China scrap standard HRS101, minimum thickness of 6mm, minimum diameter of 10mm, length less than 1,500mm, width less than 600mm, maximum unit weight 1,500kg
Quantity: Minimum 2,000 tonnes (bulk)
Location: cfr eastern China ports
Timing: 3-10 weeks
Unit: US$ per tonne
Payment terms: Letter of credit on sight
Publication: Monthly. First Friday of the month, 5-6pm Shanghai time
MB-STE-0895 Steel scrap, index, heavy recycled steel materials, cfr north China, $/tonne
Quality: Cut structural and plate scrap, compliant with China scrap standard HRS101, minimum thickness of 6mm, minimum diameter of 10mm, length less than 1,500mm, width less than 600mm, maximum unit weight 1,500kg
Quantity: Minimum 2,000 tonnes (bulk)
Location: cfr northern China ports
Timing: 3-10 weeks
Unit: US$ per tonne
Payment terms: Letter of credit on sight
Publication: Monthly. First Friday of the month, 5-6pm Shanghai time
These prices are a part of the Fastmarkets scrap package.
All historical data relating to the indices prior to the amendment will remain available in the pricing section of the Fastmarkets website.
To provide feedback on the Chinese steel scrap indices, or if you would like to provide price information by becoming a data submitter to the indices, please contact Tianran Zhao by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Tianran Zhao, re: China steel scrap import price indices.”
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.
