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

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

The specification update better reflects trades executed in the spot market for imported containerized shredded scrap delivered to Nhava Sheva, India. Market feedback confirmed that most spot trades are conducted on a CAD payment term basis.

The assessment impacted and the updated payment terms are listed in table below:

All other specifications of the assessment remain unchanged.

Platts first proposed the payment term change on Sept.18, in a subscriber note, available here : https://www.spglobal.com/commodity-insights/en/pricing-benchmarks/our-methodology/subscriber-notes/091825-platts-proposes-to-update-payment-term-specification-for-cfr-nhava-sheva-shredded-scrap-assessment-to-cad

Following market feedback, Platts notified of the payment term specification change in a subscriber note published Oct. 6: Platts to update payment term specification for CFR Nhava Sheva shredded scrap assessment to CAD | S&P Global

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.

Please send all questions and comments to EMEAMetalsTeam@spglobal.com and PriceGroup@spglobal.com .

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