Following industry feedback and to reflect the growing importance of Indian steel markets, S&P Global Platts is proposing to launch a daily domestic rebar assessment and increase the frequency of its existing domestic hot rolled coil assessment to daily, effective Feb. 22.
The proposed specifications of the rebar assessment are:
Quality: IS1786 Fe500D/Fe550D
Volume: min. 15 mt
Diameter: 12-25 mm
Location: delivered Raipur
Timing: Prompt to 21 days forward
Currency: Indian Rupees
Payment terms: Cash before delivery
Time-stamp: 05:30 PM Singapore Time
The assessment will reflect rebar produced using the Induction Furnace route, and Platts may normalize other pricing information for quality, dimensions and cargo size based on current differentials used in the market to the standard specifications. The assessment excludes GST.
Locational normalization may also make use of freight netbacks and freight net forwards.
The proposed specifications are more closely aligned with the bulk of the rebar volumes being traded in the Indian market, and those that exhibit market movement on a daily basis.
At the same time, Platts proposes to increase the frequency of the existing HRC India Domestic Mumbai Delivered (TS01046) assessment to daily from weekly, with existing specifications remaining unchanged. The assessment is currently published on Wednesdays.
In reflection of current market practices, Platts is proposing to update the payment terms of the HRC assessment to cash before delivery from the current cash on delivery.
The assessments will appear in Platts Steel Alert, SBB Daily Briefing, Platts Price Analyzer and Platts Market Data Category SQ.
Please send any feedback, comments or questions to firstname.lastname@example.org and email@example.com by Jan. 21.
For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.