SUBSCRIBER NOTE: Platts to change incoterm for US East Coast shredded scrap

Following feedback from the industry, Platts will change the specification for its daily shredded auto scrap export assessment to FOB US East Coast incoterm from delivered dock, effective March 28. The unit of measure will change to $/mt from $/lt to reflect international markets. The full specification 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 reflect a typical deepsea seaborne quantity of 25,000 mt. Lead time of 2-6 weeks, payment terms, 100% on delivery, typically letter of credit. Assessed daily in $/mt. This assessment is currently published on the Platts Metal Alert, Platts Steel Markets Daily, Platts Market Center and Platts database under the codes FEECD00, FEECD04 and FEECD03. The names as published will be updated to reflect the changes, to: Shredded FOB US East Coast, $/mt. Please send any further feedback or questions to nicholas.tolomeo@platts.com, with a cc to pricegroup@platts.com.