On March 27, 2014, Platts proposes to modify specifications for its daily U.S. East Coast shredded auto scrap export assessment. Modified specifications are listed below:
- The incoterm will change to U.S. East Coast FOB from delivered dock.
- The unit of measure will change from $/lt to $/mt to reflect international markets.
- Proposed specifications will be shredded scrap (homogenous iron and steel scrap, magnetically separated, originating from automobiles; unprepared No. 1 and No. 2 steel; miscellaneous bailing; and sheet scrap. Average density 50-70 pounds per cubic feet) as specified by ISRI classification 210-211.
- Assessment will be a typical deep sea seaborne quantity of 25,000 mt.
- Assessment will have a lead time of 2-6 weeks.
- Payment terms for the assessment will be 100% on delivery, typically as a letter of credit.
The graph below compares the prices of non-scrap metal on the LME for tin, nickel, and copper. This graph was created in ZEMA using the LME Official Prices report.
Data Sources: Platts | Effective Date: March 27, 2014