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

Platts, part of S&P Global Commodity Insights, has updated 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, 2025, 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 by 43.1% in 2024 to 2.2 million mt, from 3.8 million mt in 2023, while Vietnam's ferrous scrap imports rose 20.9% 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 continues to consider market information relevant to other East Asia locations. Information specific to Dangjin may be normalized to a Phu My basis by applying relevant spot freight rates.

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).

Platts communicated the decision to update the location specification on June 4 in a subscriber note available at: https://www.spglobal.com/commodity-insights/en/pricing-benchmarks/our-methodology/subscriber-notes/060425-platts-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.

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