S&P Global Platts has amended the underlying methodology for six weekly steel prices in Europe to a time-stamped assessment process from a weighted-average index to align the approach with the existing methodology for other weekly steel assessments on November 1, 2019.
The Platts Market on Close assessment process prioritizes firm, fully transparent and verifiable data. The assessments reflect repeatable market value prevailing at the close of the assessment process at 16:30 London time on assessment day. Platts tracks the market price evolution during the week, and publishes 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:
For more detailed information about the MOC assessment process, please see Platts Assessments Methodology Guide at www.spglobal.com. Please send any feedback, comments or questions about this subscriber note to Ferrous_EMEA@spglobal.com and firstname.lastname@example.org. 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.