PRICE NOTE: Midwest scrap indices (rev. 1/11)
Feb 15, 2018 | 01:09 PM
American Metal Market is extending the deadline to provide feedback on its proposal to move its monthly Midwest ferrous scrap indices to weekly following substantial market feedback in recent weeks.
The extension will allow American Metal Market to continue responding to feedback received so far, and further consult with others in the market in light of this feedback. American Metal Market will provide an update on the proposed change within 30 days, or by Friday February 9, 2018.
American Metal Market first announced the potential change in mid-December.
The weekly index would be published at the end of the working day on Friday and reflect the latest spot transactions captured by American Metal Market.
It would add transparency to the market if spot trades are recorded and demonstrate stability in the absence of trade. The index is designed to incorporate intra-month transactions that might provide an insight into the direction of the market prior to the monthly settlement.
The vast majority of deals take place early in the month, and American Metal Market publishes the monthly settlement prices for individual grades and regions then. A small number of trades take place throughout the month, and American Metal Market aims to capture these transactions. When no deals are reported, the index will be published as unchanged.