S&P Global Platts has decided to amend the underlying methodology for six weekly steel prices in Europe from a weighted-average index to a timestamped assessment process to align the approach with the existing methodology for other weekly steel assessments, effective November 1, 2019.
The Platts Market on Close assessment process prioritizes firm, fully transparent and verifiable data.
The assessments will reflect repeatable market value prevailing at the close of the assessment process at 4:30 pm London time on assessment day.
Platts will track market price evolution during the week, and publish a wide range of data as 'market heards' to test market value and verify data.
By providing a clear timestamp for assessments, the Platts MOC process is designed to provide assessments that properly reflect outright and spread value during times of high volatility equally well as in times of modest volatility.
Firm bids and offers, open to the entire market near or on the day of assessment, may take precedence over trades that have occurred earlier in the week, when establishing the value of the market, as the bids may have increased and/or the offer decreased since the trade was concluded.
Judgment may be applied when analyzing transactional data to determine if it meets Platts editorial standards for publication and when normalizing values to reflect differences in time, location, and other trading terms.
The prices affected by the change, can be found in the Steel Business Briefing, on Platts Metals Alert pages 1263, 1243, 1358, 1360, 1315 and in the Platts database under the following codes:
Name Weekly codes Monthly Average Assessment day
Rebar EXW Northwest Europe STCBE00 STCBE03 Friday
Plate EXW Ruhr STPRE00 STPRE03 Friday
Plate EXW South Europe SB01185, TS01024 TSMAX03 Friday
CRC EXW South Europe SB01091, TS01003 TSMAC03 Wednesday
HDG EXW Ruhr SB01125, TS01007 TSMAG03 Wednesday
HDG EXW South Europe SB01126, TS01008 TSMAH03 Wednesday
For more detailed information about the MOC assessment process, please see Platts Assessments Methodology Guide www.spglobal.com
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