Platts publishes two FOB China HRC assessments: one reflective of SS400 or equivalent commercial grade coil, with thickness of 3 mm; the other, the premium that SAE1006 or equivalent re-rolling grade coil with thickness of 2 mm, commands over the commercial grade coil.
Other specifications underlying the assessments include width of 1,200-1,500 mm, cargo size of 5,000 mt and a shipment date between one to two months forward from the date of publication. Detailed specifications can be found in the Steel and Ferrous Scrap Methodology & Specifications Guide.
Platts gathers and verifies information including trades, bids and offers from buyers and sellers active in the physical spot market, including producers, traders and end-users. Platts information sources span the range of participants in this market from those located in China to those in South Korea and Vietnam.
The data obtained by Platts, including transactions, bids and offers, are normalized for quality, dimensions, delivery timing, location and other terms of trade to the specifications underlying the two HRC assessments.
Typically, information gathered are for material produced by so-called first tier and other mainstream Chinese steelmakers.
Platts FOB China HRC assessments reflect spot market value as of 5.30 pm in Singapore/Beijing.