Platts proposes to introduce MOC for six weekly steel assessments in Europe

S&P Global Platts is proposing to amend the underlying methodology for six weekly steel prices in Europe from a weighted-average index to a timestamped assessment process to align the approach with the existing methodology for other weekly steel assessments, effective November 1, 2019. The assessment process known as Market on Close (MOC) prioritizes firm, fully transparent and verifiable data.

The assessments would reflect repeatable market value prevailing at the close of the assessment process at 16:30 London time on assessment day. Platts would track market price evolution during the week, and publish a wide range of data as "market heards" to test market value and verify data. By providing a clear timestamp for assessments, the Platts MOC process is designed to provide assessments that properly reflect outright and spread value during times of high volatility equally well as in times of modest volatility.

Firm bids and offers, open to the entire market near or on the day of assessment, may take precedence over trades that have occurred earlier in the week, when establishing the value of the market, as the bids may have increased and/or the offer decreased since the trade was concluded.

Judgment may be applied when analyzing transactional data to determine if it meets Platts editorial standards for publication and when normalizing values to reflect differences in time, location, and other trading terms.

The prices, which would be affected by the change, can be found in the Steel Business Briefing, on Platts Metals Alert pages 1263, 1243, 1358, 1360, 1315 and in the Platts database under the following codes:

Name Weekly code Monthly Average Assessment day

Rebar EXW Northwest Europe STCBE00 STCBE03 Friday

Plate EXW Ruhr STPRE00 STPRE03 Friday

Plate EXW South Europe SB01185, TS01024 TSMAX03 Friday

CRC EXW South Europe SB01091, TS01003 TSMAC03 Wednesday

HDG EXW Ruhr SB01125, TS01007 TSMAG03 Wednesday

HDG EXW South Europe SB01126, TS01008 TSMAH03 Wednesday

For more detailed information about the MOC assessment process, please see Platts Assessments Methodology Guide www.spglobal.com.

Please send any feedback, comments or questions about this proposal to Ferrous_EMEA@spglobal.com and pricegroup@spglobal.com by September 13, 2019.

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.