Platts to update location specification of HMS 1/2 80:20 CFR East Asia ferrous scrap assessment

Platts, part of S&P Global Commodity Insights, will update the location specification of its HMS 1/2 80:20 CFR East Asia ferrous scrap assessment from Dangjin, South Korea, to Phu My, Vietnam, effective July 2, to reflect changes to trade flows and spot market liquidity.

The update to the location specification follows a period of market feedback and responds to an increase in Vietnam's ferrous scrap imports, alongside Platts' observation of reduced spot trading activity taking place on a CFR South Korea basis.

South Korea's ferrous scrap imports declined in 2024 to 2.2 million mt from 3.8 million mt in 2023, while Vietnam's ferrous scrap imports rose in 2024 to 5.3 million mt from 4.4 million mt in 2023, according to data from Global Trade Analytics Suite by S&P Global Market Intelligence.

The assessments affected and the updated location specifications are listed in the table below:

Platts will continue to consider market information relevant to other East Asia locations. Information specific to Dangjin may be normalized to a Phu My basis.

Platts initially proposed the location specification update on April 29 in a subscriber note available at: https://www.spglobal.com/commodity-insights/en/pricing-benchmarks/our-methodology/subscriber-notes/042925-platts-proposes-to-update-location-specification-of-hms-12-8020-cfr-east-asia-ferrous-scrap-assessment (opens in a new tab).

Full details of Platts HMS 1/2 80:20 CFR East Asia specifications can be found here: https://www.spglobal.com/commodityinsights/PlattsContent/_assets/_files/en/our-methodology/methodology-specifications/steel-ferrous-methodology.pdf(opens in a new tab).

Platts HMS 1/2 80:20 CFR East Asia scrap assessments are published on fixed pages STL/PMA 1326, 1350, and 1362 of the real-time Platts Steel Alert and Platts Metals Alert, in SBB Steel Markets Daily, Global Market Outlook, Steel Raw Materials Monthly, and in the Platts price database.

Please send all feedback, comments, and questions to pl_asia_steel@spglobal.com and pricegroup@spglobal.com .

For written comments, please provide a clear indication if 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.