SUBSCRIBER NOTE: Platts to discontinue most SBB Steel Price Trackers

S&P Global Platts has discontinued 22 of its steel price trackers published in SBB Daily Briefing, on www.sbb.com and in several other publications as of October 2, 2017.

The follows a period of market feedback which began on June 12 with a subscriber note on this subject.

Platts retains the following steel price trackers: Tube & Pipe Price Tracker World SBIAY00 Tube & Pipe Price Tracker N Amer SBIAP00

The following steel price trackers have been discontinued: Steel Price Tracker World SBIAX00 HRC Price Tracker World SBIAH00 Rebar Price Tracker World SBIAQ00 Flat Products Price Tracker Europe Dom SBIAE00 Flat Products Price Tracker N Amer Dom SBIAG00 Flat Products Price Tracker E Asia Imp SBIAD00 Long Products Price Tracker E Asia Imp SBIAL00 Long Products Price Tracker N Amer Dom SBIAN00 Long Products Price Tracker Europe Dom SBIAM00 Flat Products Price Tracker China Dom SBIAB00 Long Products Price Tracker China Dom SBIAJ00 Steel Price Tracker China Dom SBIAT00 Flat Products Price Tracker China Exp SBIAC00 Long Products Price Tracker China Exp SBIAK00 Flat Products Price Tracker Black Sea Exp SBIAA00 Long Products Price Tracker Black Sea Exp SBIAI00 Steel Price Tracker Mid East Imp SBIAO00 Flat Products Price Tracker Latin Amer Dom SBIAF00 Steel Price Tracker Latin Amer Exp SBIAU00 Steel Price Tracker N Amer Dom SBIAV00 Scrap Price Tracker N Amer Dom SBIAR00 Stainless Price Tracker World SBIAW00

Platts will publish its steel mill economics spreads in the publications that housed these steel price trackers. The SME spreads cover various regions, and demonstrate the margins available to steel producers for the production of various finished steels when using different raw material inputs.

The Platts MVS China Steel Mill Margins will also be published in publications where the steel price trackers appeared, too. Platts MVS China Steel Mill Margins model uses formula designed to provide a representative operating margin for a coastal China steelmaker.

Please consult page 31 of the methodology document for a fuller description of these analytical tools: https://...ogyReferences/MethodologySpecs/steel.pdf

RATIONALE FOR DISCONTINUATIONS Many of these steel price trackers were started at the turn of the century (January 2000) or at the start of 2007/2008. They are calculated using fixed weightings of various price assessments published by Platts.

Since their launch, world steel trade flows have changed considerably, as have world output balances.

For example, in 2000, China produced around 15% of the world's steel output, while currently the country accounts for around 50% of the world's output.

More recently still, due to changes in tariffs and duties designed to protect local markets against imports, regional steel pricing has differed more markedly than in previous years.

For these reasons, Platts has discontinued the vast majority of its steel tracker series.

However, Platts publishes daily assessments for all major steel products; these assessments reflect the major global trade flows for these products.

These assessments react nimbly to changes in trade flows, supply & demand and also to regional divergences caused by protectionist policies.

Platts will retain its tube & pipe price trackers as the assessments used in the composite value are monthly in frequency.

Please submit any feedback, comments or questions on this subject to pricemethodology@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.