12 Nov 2021 | 20:03 UTC

Platts discontinues 4A new steel bales assessment, changes UK ferrous scrap specifications

S&P Global Platts will discontinue the UK domestic 4A New Steel Bales Dlvd Mill assessment (SB01007), from Jan. 4, 2022 due to illiquidity in the UK market, following market feedback.

Additionally, Platts will change the quantity, timing and payment terms for two other UK domestic ferrous scrap price assessments, effective Nov. 26, 2021, to the following:

Assessment (code)
Quantity
Timing
Payment
Grade OA Plate and Structural UK Dom Prod Dlvd Mill (SB01170)
300 mt minimum
Delivery within specified contract month
Within 60 days
3B Shredded Scrap UK Dom Prod Dlvd Mill (SB01004)
500 mt minimum
Delivery within specified contract month
Within 60 days

The current methodology specifications for the aforementioned assessments are:

Assessment (code)
Quantity
Timing
Payment
Grade OA Plate and Structural UK Dom Prod Dlvd Mill (SB01170)
2,000 mt
Delivery within 60 days
At sight
3B Shredded Scrap UK Dom Prod Dlvd Mill (SB01004)
2,000 mt
Delivery within 60 days

The assessments are published in Platts Steel Business Briefing, Steel Markets Daily, Steel Price Report and in the Platts price database under the codes listed above.

The discontinuation and methodology changes were initially proposed on Sept. 20, 2021 in a subscriber note: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/092021-platts-proposes-to-discontinue-4a-assessment-and-to-change-uk-ferrous-scrap-specifications

Please send any feedback, comments or questions to ferrous_emea@spglobal.com and pricegroup@spglobal.com