Platts extends feedback period for new US Southeast ferrous scrap assessments

Platts, part of S&P Global Commodity Insights, is extending the feedback period for its proposal of two new daily US Southeast ferrous scrap price assessments to April 26, 2024.

The proposed launch date of May 15 is also revised to June 3, following the extension of the feedback period.

Platts first proposed the new assessments through a subscriber note published on March 26, with a feedback period ending on April 9.

The payment terms of net 30 days after delivery, proposed in the subscriber note published on March 26, have been revised to net 45 days after delivery, alongside the extension of the feedback period. Other specifications proposed in that subscriber note remain unchanged.

Under this proposal, the proposed assessments would reflect domestic plate and structural and heavy melting 1/2 scrap purchased in minimum 1,000 long ton parcels, delivered to Southeast mills within 30 days.

The new assessments and their specifications would be as follows:

The new daily US Southeast price assessments would be timestamped to 3:30 pm US Eastern time.

The proposed assessments would complement existing Platts scrap coverage and reflect growing demand for scrap in the Southeast, as new steelmaking capacity continues to expand in the region.

All market information reported to Platts may be considered and would be published, including firm bids, offers, transactions, indications of value, as well as any other data deemed relevant to the assessment process.

The proposed assessments would be published on Platts Connect; Platts Market Center; on Platts Steel Alert fixed pages 1318 and 1362; in the publications Steel Markets Daily, World Steel Review, Steel Raw Materials Monthly, and Global Market Outlook; and in the Platts price database.

Platts welcomes feedback on the proposed assessments and its specifications, including the minimum volume requirement of 1,000 lt and payment terms of net 45 days after delivery.

Please submit any feedback, comments, or questions to MetalsAmericas@spglobal.com and pricegroup@spglobal.com by April 26, 2024.

For written comments, please provide a clear indication if the comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.