09 Aug 2024 | 11:41 UTC

Platts proposes to launch daily European stainless scrap assessment

Platts, part of S&P Global Commodity Insights, proposes to launch a new daily price assessment for the European 18-8 stainless steel scrap clips and solids market, effective Sept. 23, 2024.

18-8 stainless steel scrap clips and solids is a commonly used reference for the grade-304 stainless steel scrap. The scrap contains a minimum 16% chrome content and minimum 7% nickel content.

European market participants have sought greater price transparency of stainless scrap pricing as they seek to use more recycled content to meet decarbonization goals rather than import alternative more emissions-intensive stainless raw materials such as nickel pig iron.

The proposed assessment would reflect the following specifications:

Assessment European 18-8 Stainless Steel Scrap CIF Rotterdam
Published Daily
Origin Any origin
Quality To meet ISRI "Sabot" specification, consisting of clean 18-8 type stainless steel clips and solids, containing min 16% chrome, min 7% nickel, as well as max 0.5% molybdenum, max 0.5% copper, max 0.045% phosphorous, and max 0.03% sulfur, and otherwise free of harmful contaminants.
Quantity Minimum one truckload
Dimensions N/A
Incoterms and location CIF Rotterdam
Timing Delivery within 60 days
Payment Cash against documents
UOM Eur/mt
Assessment timestamp 4:30pm London Time
Publishing schedule London

Platts may normalize information heard in the market with differing specifications – such as delivery location or incoterm – to meet the assessment specifications. Normalization brings market information in line with Platts-assessed specifications.

The proposed assessment, as well as its associated USD conversion, would be published on Platts Nonferrous Metals Alert pages PMA386 and STL386, Platts Metals daily, while the associated monthly averages would be published in Metals Week, Metals Monthly Price Notification and Steel Raw Materials Monthly.

Platts invites feedback on this proposal to EMEAMetalsTeam@spglobal.com and pricegroup@spglobal.com by Aug. 27.

For written comments, please provide a clear indication if they 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.