Platts launches first daily Mexican ferrous scrap assessments

Platts, part of S&P Global Commodity Insights, has launched two daily Mexico ferrous scrap price assessments, effective Sept. 17, 2024.

The new assessments complement Platts' established suite of domestic steel assessments, including Mexican delivered hot-rolled and cold-rolled coils and rebar, and build on its comprehensive US ferrous scrap assessment offerings.

The launch responds to growing interest from market participants in additional spot pricing information for ferrous scrap. Scrap demand in North America is set to increase with Mexican and US steelmakers increasing electric arc furnace (EAF) capacity, as they focus on decarbonization and nearshoring opportunities.

The new assessments reflect domestic #1 Busheling and Heavy Melting Scrap (HMS) 1 scrap in Mexico, Free on Truck (FOT) Northeast, minimum of 500 metric tons.

The new assessments have the following specifications:

The assessments can be found under the following symbol codes:

Platts initially proposed the launch for Sept. 2, 2024, in a subscriber note published July 16 available at: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/071624-platts-proposes-launch-of-first-daily-mexican-ferrous-scrap-assessments.

It later amended the effective date in a notification published Aug. 19: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/081924-platts-to-launch-first-daily-mexican-ferrous-scrap-assessments.

All market information reported to Platts may be considered for publication, including firm bids, offers, transactions, indications of value, as well as any other data deemed relevant to the assessment process.

Platts may normalize information heard in the market with differing specifications, in order to meet the assessment specifications. Normalization brings market information in line with Platts assessed specifications.

The assessments, which follow Platts Mexico publishing schedule, are published on a daily basis and reflect a Sao Paulo time market close (4:30 pm).

The daily assessments and associated monthly averages appear in Steel Markets Daily, Steel Raw Materials Monthly and World Steel Review, as well as on Platts Steel and Raw Materials Alert page STL1602 and STL1604.

The first monthly average calculations will update on Nov. 1, reflecting the average of daily assessments published throughout October.

Please send all comments, feedback and questions LatAmMetalsteam@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.