The Steel Index (TSI), with offices in London, Singapore, Shanghai and Pittsburgh, has announced that it will increase the publication frequency of its ferrous scrap reference price for Turkish imports of heavy melting steel Nos. 1 and 2 from weekly to daily starting Sept. 1, 2011. According to TSI, Turkish scrap import prices are seen as one of the key indicators not only of scrap pricing but also of steel pricing around the world.
The company says its decision is in response to industry demands for more frequent scrap pricing information, as mills, traders and steel customers address the challenges of volatile pricing throughout today’s steel markets.
“The Turkish scrap market is a fast moving one, where offers and transactions can slacken and firm up from day to day,” says Tim Hard, TSI director of steel and scrap. “A number of physical market participants, both mills and brokers, have asked us to increase the frequency of publication, which we are delighted to be able to provide.”
Sam Mehew, a derivatives broker at Freight Investor Services, a brokerage firm for freight and commodity derivatives based in London, says, “The introduction of a daily reference pricing mechanism on the TSI Turkish scrap is a valuable complement to the daily TSI iron ore and daily European HRC (hot rolled coil) indices. In order to capture the intraweek volatility of the scrap market, a daily price is an absolute necessity.” He adds, “Improved price transparency will increase industry confidence in this growing derivatives market.”
TSI’s daily scrap reference price for Turkish imports will be published on its website every U.K. working day and will be distributed to its subscribers via daily e-mail. TSI says its other scrap reference prices for the U.S. domestic and Indian imports markets will continue to be published weekly.
Historical prices for all TSI’s indices are available on TSI’s Price Analyser on its website www.thesteelindex.com.
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