CRU responds to discount concerns

Apr 19, 2013 | 03:16 PM | Anne Riley

Tags  steel, CRU, CRU International, CRU index, sheet, Nucor, ArcelorMittal, Severstal index

NEW YORK — London-based data provider CRU International Ltd. agrees that the widespread practice of buying and selling steel at a discount to CRU’s published index price has "distorted the very premise of indexed-based pricing" but continues to stand behind the validity of the index itself, according to an open letter to the market dated April 19.

The letter—signed by head of operations for CRU Indices Glenn Cooney and principal consultant for steel, and editor of CRU’s monthly sheet report Josh Spoores—is in response to news that a growing number of domestic sheet mills have vowed to stop selling steel at a discount to the published CRU number (, April 18).....

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