Metals & Mining Theme, Ferrous, Non-Ferrous

September 06, 2024

Platts amends USD/mt monthly average calculation for China domestic ferrous scrap assessment

Platts, part of S&P Global Commodity Insights, has amended the USD/mt monthly average and launched new monthly average and US dollar conversion calculations for its weekly China domestic DDP Jiangsu Heavy Melting Scrap price (SB01129), effective Sept. 6, 2024. The price series reflects the list price of major ferrous scrap buyer Jiangsu Shagang Co.

Platts has amended the formula used to calculate the US dollar conversion for the China domestic DDP Jiangsu HMS monthly average (SBMAF03) to one that is a monthly average of the new weekly $/mt calculation of the DDP Jiangsu HMS price (SBMBB04). This $/mt calculation is a conversion of the yuan/mt China domestic DDP Jiangsu HMS price using the Platts assessment of the dollar-yuan exchange rate on the day of publication.

These changes better account for exchange rate fluctuations between the US dollar and the yuan throughout the month.

Platts has also launched a monthly average of the China domestic DDP Jiangsu HMS price in Yuan/mt (SBMBB03).

Platts first informed subscribers of the changes on Aug. 22, in a subscriber note available here.

The new and revised symbols are as follows:

Description Status Symbol Frequency Incoterms and Location Timing Payment UoM
HMS DDP Jiangsu steel mill VAT-inclusive $/mt New SBMBB04 Weekly DDP Zhangjiagang Prompt Delivery Bank transfer 90-120 days after delivery USD/mt
HMS DDP Jiangsu steel mill VAT-inclusive RMB/mt MAvg New SBMBB03 Monthly DDP Zhangjiagang Prompt Delivery Bank transfer 90-120 days after delivery Yuan/mt
HMS DDP Jiangsu steel mill VAT-inclusive $/mt MAvg Revised SBMAF03 Monthly DDP Zhangjiagang Prompt Delivery Bank transfer 90-120 days after delivery USD/mt

The revised symbol SBMAF03 will be published in Steel Raw Materials Monthly, while all three symbols will be published in the Platts price database.

Please send all questions and comments to pl_asia_steel@spglobal.com and pricegroup@spglobal.com.

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