New Platts steel scrap, billet assessments from December 1

Following market engagement, feedback and internal review, effective December 1, Platts will launch a daily spot price assessment for deep- and short-sea delivery of ferrous scrap CFR Turkey.

The published price assessments (code: FETKD00) will 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 sizes 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 will launch price assessments for both HMS No. 1 (FEECH00) and shredded ferrous scrap (FEECD00), 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 on a Free Alongside Ship (FAS) basis. The assessments will reflect values prevailing at the close of the US East Coast business day at 4:30 pm New York time.

Platts will publish the assessments with its existing ferrous scrap pricing in Platts Metals Alert, Steel Markets Daily and Platts Dispatch category FA. Monthly averages (FEECH03, FEESD03) will also be published in the same publications and weekly averages (FEECH04, FEECD04) in Platts Dispatch category FA.

STEEL BILLET SPOT PRICE ASSESSMENT

Also, following market engagement, feedback and internal review, effective December 1, Platts will launch as proposed a daily seaborne spot price assessment for steel billet loaded for export in the Black Sea region.

Platts will publish the daily price assessment (code: STBLB00) in US dollars per metric ton on a Free on Board (FOB) Black Sea port basis.

All steel billet specifications are to be normalized to a base standard of 125x125 mm square, lengths 11,700 mm, grade GOST 380-94, 5sp/ps, typical cargo size of 5,000-20,000 metric tons delivered seaborne to all destinations, FOB Black Sea, 2-6 weeks from date of publication, payment at sight. All other grades, cargo sizes and payment terms will be normalized to this standard using prevailing market values. The assessments will reflect the close of the Mediterranean/Black Sea markets time stamped 4:30 pm London time.

Platts will publish the daily assessment and a monthly average (STBLB03) in Platts Metals Alert, Steel Markets Daily and Platts Dispatch category FA. A weekly average (STBLC04) will appear in Platts Dispatch category FA.

Please address comments to Francis Browne, francis_browne@platts.com, +44 20 7176 6239, with a copy to the pricegroup@platts.com.