SUBSCRIBER NOTE: S&P Global Platts changes five steel import incoterms for US

S&P Global Platts will change incoterms for its US imports assessments, effective September 4, 2018, to reflect current trading practices. This follows a period of market consultation since July 12. The assessments include: HRC CIF US Gulf Coast (STHRG00), CRC CIF US Gulf Coast (STRRG00), HDG North America imports CFR Gulf port (SB01124), Plate CIF US Gulf Coast (STPRG00) and Rebar CIF US Gulf Coast (STCBG00). Platts will change the pricing basis for five US import assessments to a DDP, loaded-truck Houston basis to reflect transaction prices for import buyers in the US market and remove variances caused by differing tariff rates and trader costs. In addition, the updated assessments will be published as a single value rounded to the nearest whole number, replacing existing low-high ranges. The new import assessments will be listed as: HRC DDP Houston (STHRG00), CRC DDP Houston (STRRG00), HDG DDP Houston (SB01124), Plate DDP Houston (STPRG00) and Rebar DDP US Houston (STCBG00) Platts will consider trades, bids and offers until the Market on Close time stamp of 3:30 pm EST on the respective publishing dates. Information on cargoes of other specifications and deliveries to other locations will also be considered and normalized to a Houston basis. Such information would be normalized to the standard specifications using spreads observed in the marketplace. The delivery window considered for the US import assessments will also be adjusted following market consultation as follows: HRC DDP Houston (STHRG00) eight to 14 weeks, CRC DDP Houston (STRRG00) 10-16 weeks, HDG DDP Houston (SB01124) 12-18 weeks, Plate DDP Houston (STPRG00) eight to 14 weeks, and Rebar DDP Houston (STCBG00) eight to 14 weeks. The assessments will be published in Platts Steel Price Report, Platts Price Analyzer, Platts Metals Alert and Platts Market Data, with a publication schedule following the US public holiday calendar. Please send all feedback, queries and comments to steel_americas@spglobal.com & 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.