Platts plans more ferrous scrap assessments

Platts invites feedback by November 2, 2010, on a proposal to launch additional ferrous scrap assessments.

Platts is proposing to launch on December 1, 2010, a daily spot price assessment for deepsea and shortsea delivery of ferrous scrap CFR Turkey. Published price assessments would be in US dollars per metric ton for typical cargo sizes of 25,000 mt of Heavy Melting Scrap (HMS) I/II (80/20 blend), delivered seaborne from all sources, CFR Turkey, 2-6 weeks from date of publication, payment at sight. All other grades, cargo mixes, cargo size and payment terms will be normalized to this standard. The assessments will reflect the close of the Mediterranean/Black Sea markets with CFR Turkey time stamped 4:30 pm London time.

Also on December 1, Platts plans to launch price assessments for HMS No. 1 and shredded ferrous scrap, delivered dockside East Coast US, normalized to 1,000 long tons delivery within 30 days of order, payment net 30 days cash. Unit for assessment is US dollar per long ton. The assessments will reflect values prevailing at the close of the US East Coast business day at 4:30 pm EST or EDT.

Platts intends to publish the assessments with its existing ferrous scrap pricing in Platts Metals Alert, Steel Markets Daily and Platts Dispatch category FA.

Please address any comments or questions by November 2, 2010, to: Francis Browne at francis_browne@platts.com or +44 20 7176 6239 with a copy to the pricegroup@platts.com.