Subscriber note: Platts proposes changes to US E. Coast ferrous scrap assessment

Platts is proposing to modify the specification for its daily US East Coast shredded auto scrap export assessment, effective March 27. The Incoterm would change to US East Coast FOB from delivered dock. The assessment will remain daily in frequency, and the unit of measure is proposed to change from $/lt to $/mt to reflect international markets. Proposed specifications will be shredded scrap (homogeneous iron and steel scrap, magnetically separated, originating from automobiles, unprepared No. 1 and No. 2 steel, miscellaneous bailing and sheet scrap. Average density 50-70 pounds per cubic feet) as specified by ISRI classification 210-211. Other grades of steel scrap can be normalized back where appropriate based on prevailing market fundamentals. The assessment will be a typical deepsea seaborne quantity of 25,000 mt. Lead time of 2-6 weeks, payment terms, 100% on delivery, typically letter of credit. Please address any questions or feedback by February 21, 2014, to nicholas.tolomeo@platts.com with a copy to pricegroup@platts.com