Fastmarkets proposes to amend several semi-finished products' price assessment specifications in response to changing market conditions.
The amendments will include new payment terms, tonnages and timing.
The proposed amendments will allow Fastmarkets to consider more spot liquidity within its assessments of billet prices in Egypt, the United Arab Emirates, Turkey and Iran as well as the Iranian slab export price.
The consultation period for this proposed amendment will end one month from the date of this pricing notice, on August 3, with changes taking place, subject to market feedback, from August 5.
Following the amendment, the specifications will be as follows:
Assessment: Egypt import billet $ per tonne cfr
Dimensions: 100x100mm to 150-150mm, length 10-12m
Quantity: 5,000-20,000 tonnes
Location: cfr Egypt
Timing: 6-8 weeks
Unit: USD/tonne
Payment terms: L/c with partial pre-payment, cash against documents
Publication: Weekly. Thursday, 2-3pm London Time
Assessment: Turkey import billet $ per tonne cfr main port
Dimensions: 120x120mm to 150x150mm
Quantity: 10,000-30,000 tonnes
Location: cfr Turkey
Timing: 4-6 weeks
Unit: USD/tonne
Payment terms: L/C with partial pre-payment
Publication: Weekly. Thursday, 2-3pm London
Assessment: UAE import billet $ per tonne cfr Jebel Ali
Dimensions: 100x100 to 160-160mm, length 10-12m
Quantity: 10,000-40,000 tonnes
Location: cfr Jebel Ali
Timing: 6-8 weeks
Unit: USD/tonne
Payment terms: Prompt payment upon delivery, cash against documents, letter of credit
Publication: Weekly. Tuesday, 2-3pm London time
Index: Iran export billet $ per tonne fob
Dimensions: 130x130mm to 150x150mm, length 8,000-12,000mm
Quantity: 20,000-40,000 tonnes
Location: fob Iran
Timing: 6 weeks Unit: USD/tonne
Payment terms: Cash with 20-25% pre-payment
Assessment: Iran export slab $ per tonne fob
Dimensions: Width 900-2,000mm, thickness 195-250mm, length 3,800-11,000mm
Quantity: 20,000-30,000 tonnes
Location: fob Iran
Timing: Up to 6-8 weeks Unit: USD/tonne
Payment terms: Cash with 20-25% pre payment
Publication: Weekly. Wednesday, 1-2pm Londontime
To provide feedback on the proposed amendment or if you would like to provide price information by becoming a data submitter please contact Serife Durmus for Egypt and UAE prices, Cem Turken for Turkey prices and Vlada Novokreshchenova for Iranian prices by email at:pricing@fastmarkets.com. Please add the subject heading 'FAO: Serife Durmus/Cem Turken/Vlada Novokreshchenova, re:global semi-finished steel prices specifications.'
To see all Fastmarkets' pricing methodology and specification documents go to
www.fastmarkets.com/about-us/methodology