Platts US Midwest Shredded Scrap steel reflects the spot market for shredded scrap sales in the US Midwest market.
The assessment specifies shredded scrap steel according to ISRI 211 classification or equivalent, specifying homogenous and magnetically separated iron and steel scrap originating from automobiles, unprepared No. 1 and No. 2 steel and miscellaneous baling and sheet scrap, with an average density of 70 lb/square foot.
Other grades of steel scrap can be normalized to ISRI211 where appropriate.
The assessments reflects shredded scrap transactions in the US Midwest market, including but not limited to major markets in Chicago, Detroit and St. Louis and region areas including Indiana, Iowa and Ohio.
The assessment process encompasses trade data from all of the United States and Canada and transactions from outside of the Midwest can be normalized where appropriate based on prevailing market fundamentals.
The assessment specifies 1,000 long ton spot buys on 30-day payment terms and 30-day delivery terms.
The US Midwest Shredded Scrap steel price is assessed in US dollars on a per long ton basis. The daily assessment timestamp is 3:30 p.m. Eastern Standard Time.
The Platts US Midwest Shredded Scrap price assessments are available in these services.
We survey the North American market daily to capture scrap metal trades, bids and offers on a delivered Midwest basis.
Data is normalized to reflect the tradeable value of the commodity on a given day, for typical order quantities, commodity specifications and standard delivery and payment terms.
The survey is extensive and encompasses market participants along the supply chain, including but not limited to, mill buyers, scrap dealers, brokers, traders and exporters.
We also assess US East Coast and West Coast scrap on a daily basis.
Our heavy melting scrap No. 1 delivered US East Coast dock assessment reflects scrap prices being paid by export terminals for material.
The daily shredded scrap US East Coast FOB assessment reflects prices being paid in international markets.
US West Coast containerized Heavy Melting Steel (HMS) 80:20 is assessed on a FOB Port of Los Angeles basis to reflect containerized scrap transactions destined for the Asian steel market.
Platts began assessing US shredded scrap metal on February 7, 2005.
After the July 1, 2011 merger with Steel Business Briefing, the Platts assessment was merged with the existing similar Steel Business Briefing assessment Midwest shredded scrap assessment.
US Shredded Steel Scrap price assessments can be accessed in the following Platts services:
Platts London Steel & Metals Forum
Tokyo Metals & Steel Forum 2016
Steel Markets Asia, 12th Annual
How the Steel Market Works Online Training
Training & Events – Metals