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

S&P Global Platts has changed incoterms for its US imports assessments, effective Tuesday, September 4, 2018, to reflect current trading practices.

The move followed a period of market consultation since July 12, 2018.

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) Rebar CIF US Gulf Coast (STCBG00)

Platts has changed the pricing basis for five US import assessments to a DDP, loaded truck Houston basis.

The change was done 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 are published as a single value rounded to the nearest whole number replacing the existing low-high ranges.

The new import assessments are listed as: HRC DDP Houston (STHRG00) CRC DDP Houston (STRRG00) HDG DDP Houston (SB01124) Plate DDP Houston (STPRG00) Rebar DDP US Houston (STCBG00)

Platts considers trades, bids and offers until the Market on Close timestamp of 3:30 pm Eastern Standard Time 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) 8-14 weeks CRC DDP Houston (STRRG00) 10-16 weeks HDG DDP Houston (SB01124) 12-18 weeks Plate DDP Houston (STPRG00) 8-14 weeks Rebar DDP Houston (STCBG00) 8-14 weeks.

The assessments are 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.