Fastmarkets has increased the frequency of its India steel scrap shredded index to twice-weekly from Tuesday May 25, 2021, following a consultation period which ended on May 20.
The steel scrap shredded, index, import, cfr Nhava Sheva, India, has been subject to continuous fluctuations in the market as a result of factors such as the Covid-19 pandemic and the global shipping crisis.
This means that the index, previously calculated once a week on Fridays,
now warrants a twice-per-week publishing schedule to accurately capture and reflect the market's movements.
The index will be now published on Tuesday and Friday each week.
Fastmarkets'
steel scrap shredded, index, import, cfr Nhava Sheva, India, was $510.93 per tonne on May 25, down from $517.88 per tonne on May 21.
MB-STE-0421 Steel scrap shredded, index, import, cfr Nhava Sheva, India, $ per tonne
Quality: Shredded material, compliant to ISRI specifications 210-212. Grades normalized: shredded, HMS 1&2 (70:30 mix), HMS 1&2 (90:10 mix), HMS 1, Bonus Grade, P&S, and A3 material.
Quantity: Min 100 tonnes
Location: cfr Nhava Sheva
Timing: Within six weeks
Unit: USD per tonne
Payment terms: Cash, other payment terms normalized to Nhava Sheva
Publication: Twice weekly, Tuesdays and Fridays, at 4pm London time
Notes: Containerized, all origins.
The change in frequency for the shredded scrap index will not affect the weekly price assessment for
steel scrap, HMS 1&2 (80:20 mix), import, cfr Nhava Sheva, India.
To provide feedback on this index, or if you would like to provide price information by becoming a data submitter to this index, please contact Carrie Bone by email at:
pricing@fastmarkets.com. Please add the subject heading 'FAO: Carrie Bone, re: India shredded index.'
To see all Fastmarkets' pricing methodology and specification documents, go to
https://www.fastmarkets.com/about-us/methodology.