For more information on our North America Ferrous Scrap methodology and specifications please click here.

To get in touch about access to this price assessment, please contact customer.success@fastmarkets.com.

The post Publication of Fastmarkets Steel scrap No1 busheling, delivered mill Chicago assessment on Tuesday December 10 appeared first on Fastmarkets.

Trading of the contract started on Monday December 16, 2024, on the CME Globex electronic trading platform and for submission for clearing via CME ClearPort.

Read more on the contract on the CME’s website.

The move follows industry feedback that Fastmarkets’ benchmark assessment for Chicago No1 busheling aligns more effectively with the hedging requirements of the ferrous scrap sector.

“We are launching Chicago Busheling Ferrous Scrap futures to provide additional hedging capabilities across the ferrous value chain. US steel production relies heavily on recycled scrap, and this latest product is complementary to our suite of ferrous products, allowing market participants to manage their price risk across both input and output materials more effectively,” Jin Hennig, managing director and global head of metals at CME Group, said.

Said Przemek Koralewski, Fastmarkets’ global head of market development: “We’re excited to partner with CME Group on the latest addition to their ferrous futures products. As markets evolve, it’s important that the appropriate hedging tools are available to support the physical exposure of market participants. The Chicago No1 busheling ferrous scrap futures contract is a perfect example of how Fastmarkets and CME Group respond to the needs of the market.”

As part of the launch, the CME will also sunset its US Midwest No1 Busheling Ferrous Scrap (AMM) futures contract, which is tied to Fastmarkets’ steel scrap No1 busheling, index, delivered Midwest mill. This contract will permanently delist from the CME following the expiry of the December 2025 contract month.

Fastmarkets and CME have published a Frequently Asked Questions document to provide additional clarity on the changes, addressing key questions for market participants.

The post CME Group launches contract against Fastmarkets’ Chicago No1 busheling assessment appeared first on Fastmarkets.

The original consultation notice can be found here.

The code, name and current specifications for the affected markets are as follows:

MB-STE-0423 Steel scrap shredded, index, delivered Midwest mill, $/gross ton
Quality: ISRI Grade 211 – shredded scrap Homogeneous iron and steel scrap magnetically separated, originating from automobiles, unprepared No1 and No2 steel, miscellaneous baling and sheet scrap. Average density 70 pounds per cubic foot.
Quantity: Min 500 gross tons
Location: Delivered US Midwest mill – any mill in Illinois, Indiana, Michigan, Wisconsin, Iowa and NW Ohio Timing: Within 30 days
Unit: US dollars per gross ton
Payment terms: Net 30 days post delivery
Publication date: 10th of each month by 4pm New York time (or following working day)
Notes: All origins

MB-STE-0424 Steel scrap No1 heavy melt, index, delivered Midwest mill, $/gross ton
Quality: ISRI Grade 200 – No1 heavy melting steel. Wrought iron and/or steel scrap 1/4 inch and over in thickness. Individual pieces not over 60 x 24 inches (charging box size) prepared in a manner to insure compact charging ISRI Grade 202 – No1 heavy melting steel 5 feet x 18 inches. Wrought iron and/or steel scrap 1/4 inch and over in thickness. Individual pieces not over 60 x 18 inches (charging box size) prepared in a manner to insure compact charging.
Quantity: Min 500 gross tons
Location: Delivered Midwest mill – any mill in Illinois, Indiana, Michigan, Wisconsin, Iowa and NW Ohio
Timing: Within 30 days Unit: US dollars per gross ton
Payment terms: Net 30 days post delivery
Publication: 10th of each month by 4pm New York time (or following working day)
Notes: All origins

MB-STE-0882 Steel scrap No1 busheling, indicator, delivered Midwest mill, $/gross ton
Quality: Institute of Scrap Recycling Industries (ISRI) Grade 207 – No1 busheling Ferrous busheling. Compliant to ISRI Specifications 7 No1 busheling. Clean steel scrap, maximum size 2 feet by 5 feet, including new factory busheling (sheet clippings, stampings, etc). May not include old auto body and fender stock. Free of metal coated, limed, vitreous enameled and electrical sheet containing more than 0.5% silicon.
Quantity: Min 500 gross tons
Location: Delivered US Midwest mill – any mill in Illinois, Indiana, Michigan, Wisconsin, Iowa and northwest Ohio
Timing: Within 30 days Unit: US dollars per gross ton
Payment terms: Net 30 days post delivery
Publication: Daily from 4-5pm New York time

The realignment does not include the following grade:

MB-STE-0422 Steel scrap No1 busheling, index, delivered Midwest mill, $/gross ton

Fastmarkets will continue to publish MB-STE-0422 steel scrap No1 busheling, index, delivered Midwest mill, $/gross ton throughout 2025 to support existing contracts settled against that index.

These prices are a part of the Fastmarkets scrap package.

The extended consultation period for this proposed discontinuation starts on December 13 and will end on January 12, 2025. An update to this notice will be published on January 13.

All short-term forecasts associated with these prices produced by the Fastmarkets research team, if any, will also be discontinued.

To provide feedback on this proposal to discontinue, or if you would like to provide price information by becoming a data submitter to these prices, please contact Sean Barry by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Sean Barry, re: US ferrous scrap indexes for shredded and heavy melt, busheling indicator.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

The post Extension of consultation period on the proposal to discontinue US Midwest ferrous scrap shred, heavy melt indices, busheling indicator appeared first on Fastmarkets.

MB-BMS-0014 Black mass, NCM/NCA, payable indicator, cobalt, domestic, exw USA, % payable Fastmarkets’ standard-grade cobalt price (low-end)
MB-BMS-0015 Black mass, NCM/NCA, payable indicator, nickel, exw USA, % payable LME Nickel cash official price

These payables are part of the Fastmarkets base metals, industrial minerals and minor metals packages.

For more information or to provide feedback on the delayed publication of this price or if you would like to provide price information by becoming a data submitter to this assessment, please contact Sean Barry by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Sean Barry, re: black mass, NCM/NCA, payable indicator US.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

The post Delayed publication of black mass, NCM/NCA, payable indicator US appeared first on Fastmarkets.

Trading for these contracts will begin on Monday, December 16, 2024, on the CME Globex electronic trading platform and for submission for clearing via CME ClearPort, subject to completion of all relevant review periods with the U.S. Commodity Futures Trading Commission (CFTC).

Read more on the contract on the CME’s website here.

Fastmarkets will continue to publish MB-STE-0422 steel scrap No1 busheling, index, delivered Midwest mill, $/gross ton throughout 2025 to support existing contracts settled against that index.

In response to this change, Fastmarkets proposes to discontinue publication of the following Midwest steel scrap indices effective January 2025:

• MB-STE-0423 steel scrap shredded, index, delivered Midwest mill, $/gross ton
• MB-STE-0424 steel scrap No.1 heavy melt, index, delivered Midwest mill, $/gross ton
• MB-STE-0882 steel scrap No.1 busheling, indicator, delivered Midwest mill, $/gross ton

The consultation period for this proposed delisting will end 30 days from the date of publication of a pricing notice on Friday December 13. An update to that notice will be published on that day. Subject to market feedback, the proposed changes would take place beginning at the start of January 2025.

To read the full pricing notice, click here.

Fastmarkets and CME have published a frequently asked questions (FAQ) document to provide additional clarity on the changes, addressing key questions for market participants.

FAQ: Chicago No1 Busheling Ferrous Scrap (Fastmarkets) futures – CME Group

To provide feedback on this proposal, or if you would like to provide price information by becoming a data submitter to these prices, please contact Sean Barry by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Sean Barry, re: CME to settle new contracts against Fastmarkets’ Chicago No.1 busheling assessment.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request. 

To see all Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/about-us/methodology.

The post CME to settle new contracts against Fastmarkets’ Chicago No. 1 busheling assessment appeared first on Fastmarkets.

The code, name and current specifications for the affected markets are as follows:

MB-STE-0423 – Steel scrap shredded, index, delivered Midwest mill, $/gross ton
Quality: ISRI Grade 211 – shredded scrap Homogeneous iron and steel scrap magnetically separated, originating from automobiles, unprepared No1 and No2 steel, miscellaneous baling and sheet scrap. Average density 70 pounds per cubic foot.
Quantity: Min 500 gross tons
Location: Delivered US Midwest mill – any mill in Illinois, Indiana, Michigan, Wisconsin, Iowa and NW Ohio Timing: Within 30 days
Unit: US dollars per gross ton
Payment terms: Net 30 days post delivery
Publication date: 10th of each month by 4pm New York time (or following working day)
Notes: All origins

MB-STE-0424 – Steel scrap No1 heavy melt, index, delivered Midwest mill, $/gross ton
Quality: ISRI Grade 200 – No1 heavy melting steel. Wrought iron and/or steel scrap 1/4 inch and over in thickness. Individual pieces not over 60 x 24 inches (charging box size) prepared in a manner to insure compact charging ISRI Grade 202 – No1 heavy melting steel 5 feet x 18 inches. Wrought iron and/or steel scrap 1/4 inch and over in thickness. Individual pieces not over 60 x 18 inches (charging box size) prepared in a manner to insure compact charging.
Quantity: Min 500 gross tons
Location: Delivered Midwest mill – any mill in Illinois, Indiana, Michigan, Wisconsin, Iowa and NW Ohio
Timing: Within 30 days Unit: US dollars per gross ton
Payment terms: Net 30 days post delivery
Publication: 10th of each month by 4pm New York time (or following working day)
Notes: All origins

MB-STE-0882 – Steel scrap No1 busheling, indicator, delivered Midwest mill, $/gross ton
Quality: Institute of Scrap Recycling Industries (ISRI) Grade 207 – No1 busheling Ferrous busheling. Compliant to ISRI Specifications 7 No1 busheling. Clean steel scrap, maximum size 2 feet by 5 feet, including new factory busheling (sheet clippings, stampings, etc). May not include old auto body and fender stock. Free of metal coated, limed, vitreous enameled and electrical sheet containing more than 0.5% silicon.
Quantity: Min 500 gross tons
Location: Delivered US Midwest mill – any mill in Illinois, Indiana, Michigan, Wisconsin, Iowa and northwest Ohio
Timing: Within 30 days Unit: US dollars per gross ton
Payment terms: Net 30 days post delivery
Publication: Daily from 4-5pm New York time

The realignment does not include the following grade:

MB-STE-0422 – Steel scrap No1 busheling, index, delivered Midwest mill, $/gross ton

Fastmarkets will continue to publish MB-STE-0422 Steel scrap No1 busheling, index, delivered Midwest mill throughout 2025 to support existing contracts settled against that index.

These prices are a part of the Fastmarkets scrap package.

The consultation period for this discontinuation will end 30 days from the date of this pricing notice, on Friday December 13. An update to this notice will be published on that day. Subject to market feedback, the proposed changes would take place at the start of January 2025.

All short-term forecasts associated with these prices produced by the Fastmarkets research team, if any, will also be discontinued.

To provide feedback on this proposal to discontinue, or if you would like to provide price information by becoming a data submitter to these prices, please contact Sean Barry by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Sean Barry, re: US ferrous scrap shredded, heavy melt indices, busheling indicator.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

The post Proposal to discontinue US Midwest ferrous scrap shred, heavy melt indices, busheling indicator appeared first on Fastmarkets.

The markets not settled by Monday include:

• Ferrous scrap domestic consumer buying prices, Cincinnati 

The delay in assessing these markets comes amid late settlements in multiple regions across North America. Negotiations continue, and Fastmarkets will ensure the outstanding markets are settled as soon as the requisite information is made available.

To provide feedback on this notice, please contact Sean Barry by email at pricing@fastmarkets.com. Please add the subject heading: “FAO: Sean Barry, re: scrap prices.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

The post Delay to November ferrous scrap settlements appeared first on Fastmarkets.

For more information on our North America Ferrous Scrap methodology and specifications please click here.

To get in touch about access to this price assessment, please contact customer.success@fastmarkets.com.

The post Publication of Fastmarkets’ steel scrap No1 busheling, delivered mill Chicago assessment on Friday November 8 appeared first on Fastmarkets.

The markets not settled by Friday include:

• Ferrous scrap domestic consumer buying prices, Hamilton, Ontario
• Ferrous scrap domestic consumer buying prices, Montreal
• Ferrous scrap domestic consumer buying prices, North Carolina
• Ferrous scrap domestic consumer buying prices, South Carolina
• Ferrous scrap domestic dealer selling prices, Atlanta
• Ferrous scrap domestic dealer selling prices, St Louis
• Ferrous scrap domestic consumer buying prices, Houston
• Ferrous scrap domestic consumer buying prices, Cincinnati
• Ferrous scrap domestic consumer buying prices, Arkansas, Tennessee
• Ferrous scrap domestic consumer buying prices, Alabama

The delay in assessing these markets comes amid late settlements in multiple regions across North America. Negotiations continue, and Fastmarkets will ensure the outstanding markets are settled as soon as the requisite information is made available.

To provide feedback on this notice, please contact Sean Barry by email at pricing@fastmarkets.com. Please add the subject heading: “FAO: Sean Barry, re: ferrous scrap prices.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

The post Delay to November ferrous scrap settlements appeared first on Fastmarkets.

This price is part of the Fastmarkets Scrap package.

For more information on our North America Ferrous Scrap methodology and specifications please go to: https://www.fastmarkets.com/uploads/49/71/b379460b461eb29463d0c313ba55/fm-amm-ferrous-scrap-methodology.pdf

To get in touch about access to this price assessment, please contact customer.success@fastmarkets.com.

The post Publication of Fastmarkets Steel scrap No1 busheling, delivered mill Chicago assessment on Friday November 8 appeared first on Fastmarkets.