22 Aug 2024 | 09:19 UTC

Platts to amend USD/mt monthly average calculation for UK domestic OA ferrous scrap

Platts, part of S&P Global Commodity Insights, will amend the USD/mt monthly average, launch new monthly GBP/mt average and US dollar conversion calculated symbols for its weekly UK domestic grade OA Plate and Structural assessment (SB01170), effective Sept. 6.

Platts will amend the formula to calculate the US dollar conversion for the UK domestic grade OA scrap assessment monthly average (SBMAK03), to be the monthly average of the new weekly $/mt calculation of the Grade OA Plate and Structural UK assessment (SBMBA04).

The change better accounts for exchange rate fluctuations between the US dollar and the GBP throughout the month.

Platts will also launch a monthly average of the UK domestic grade OA Plate and Structural assessment in GBP/mt (SBMBA03).

The new and revised symbols are as follows:

Assessment description Status Symbol Frequency Quantity Incoterms and Location Timing Payment UoM
Grade OA Plate and Structural UK Dom Prod Dlvd Mill GBP/mt MAvg NEW SBMBA03 Monthly Min 300 mt Delivered UK mill Delivery within specified contract month Within 60 days GBP/mt
Grade OA Plate and Structural UK Dom Prod Dlvd Mill $/mt NEW SBMBA04 Weekly (Fridays) Min 300 mt Delivered UK mill Delivery within specified contract month Within 60 days $/mt
Grade OA Plate and Structural UK Dom Prod Dlvd Mill $/mt MAvg REVISED SBMAK03 Monthly Min 300 mt Delivered UK mill Delivery within specified contract month Within 60 days $/mt

The assessments are published on Platts Market Center and in the Platts price database.

Please send all questions and comments to EMEAMetalsTeam@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.