SUBSCRIBER NOTE: Platts launches assessment for ferrous scrap CFR India

Effective December 5, 2014, Platts has added a new weekly spot price assessment for containerized ferrous shredded scrap CFR Nhava Sheva, India (AAXRQ04).

The assessment will comply with ISRI 211 classification or equivalent, specifying homogeneous and magnetically separated iron and steel scrap originating from automobiles, unprepared No. 1 and No. 2 steel, and miscellaneous baling and sheet scrap, with an average density of 70 lb/square foot.

Other grades of steel scrap can be normalized to ISRI 211 where appropriate.

The new weekly assessment is made in US dollars per mt, timing of cargoes for delivery two to eight weeks from date of publication, with a minimum 27-30 mt container.

Payment terms 100% payment at sight with all variations normalized to this standard.

The price assessment reflects the close of the London markets, time stamped at 1630, published at the end of the week on Friday, or closest business day.

The assessment is published in Platts Metals Alert and Platts SBB Steel Markets Daily, and data-only packages are available on Market Data, with monthly averages also available on the same services.