Platts proposes to update payment term specification for CFR Nhava Sheva shredded scrap assessment to CAD

Platts, part of S&P Global Commodity Insights, proposes to update the payment term specification of its CFR Nhava Sheva shredded scrap assessment to Cash Against Documents (CAD) from At Sight, effective Nov. 3.

The proposed change would better reflect trades executed in the spot market for imported containerized shredded scrap delivered to Nhava Sheva, India. According to initial market feedback, most spot trades are on a CAD payment term basis.

The following assessment would be impacted by this proposal:

All other specifications of the assessment would remain unchanged.

Full specifications can be found in the Global Steel, Ferrous Scrap, Ferroalloys and Noble Alloys guide, available at the following link:

https://www.spglobal.com/commodityinsights/en/our-methodology/methodology-specifications/metals/steel-ferrous-scrap-ferroalloys-and-noble-alloys-methodology

The Platts India shredded ferrous scrap assessment is published in SBB Steel Markets Daily and on Platts Connect. Platts also publishes the daily frequency assessment on fixed pages PMA1326 and STL1326. The related monthly average assessments are published on the fixed pages PMA1362 and STL1362.

Platts invites feedback, comments and questions on this proposal to EMEAMetalsTeam@spglobal.com and PriceGroup@spglobal.com by Oct. 2.

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.