After reviewing market opinion on AMMs proposed price launches and suspensions for scrap iron and steel items, AMM will undertake the following:
Consumer Buying Price assessments for Birmingham, Carolinas, Houston, New York, Seattle/Portland and St. Louis will be suspended effective Feb. 28, 2014.
Consumer Buying Price assessments for Alabama, Arkansas/Tennessee border, North Carolina/Virginia, South Carolina and Cincinnati will be launched Aug. 15, 2013.
Broker Buying Price assessments for Atlanta, Boston, Buffalo, Cincinnati and Detroit will be suspended effective Feb. 28, 2014.
Dealer Selling Prices (f.o.b./shipping point dealer yard) for Atlanta, Buffalo, Houston, St. Louis and Montreal will be launched Aug. 1, 2013.
Export Yard Buying Price assessments for Seattle/Portland will be launched Aug. 15, 2013.
In addition, AMM will review Consumer Buying Price assessments in Detroit and Hamilton, Ontario; and Export Yard Buying Prices in Los Angeles and San Francisco to ensure adoption of updated standards for price discovery. AMM expects the reviews to likely result in one-time, non-market adjustments in the values of some grades, which will occur on Aug. 30, 2013.
These changes are being made to better reflect how scrap is predominantly traded in each region and continue to span every region that AMM has historically covered, along with the addition of some new markets.
For more clarity, the following table illustrates which markets will be suspended to make way for a more robust alternative. AMM is publishing the new price assessments in parallel with those being suspended until Feb. 28, 2014, at which time only the new series will continue.
See previous ferous scrap price announcement: click here