Metal Bulletin proposes to change the frequency of the CIS export steel billet index assessment to daily.
Metal Bulletin has put this proposal to the market in response to sufficient liquidity being observed to adjust the weekly price to a daily calculation. This alteration is designed to capture volatility within the market throughout the daily collection window.
The index is structurally designed to balance the influence of all sides of the market, prevent market distortions and provide a representative view of the Black Sea billet spot market.
The index is a tonnage-weighted calculation intrinsically linked to transactions that occur within the specified delivery window. It will be based on actual transactions, as well as offers, bids and assessments that are reported to Metal Bulletin by participants who are active in the market.
The proposal stipulates that the index is calculated on a $ per metric tonne basis, fob Black Sea and published daily.
The consultation period for this proposed launch will end on May 16, with the changes, if successful, taking place from May 21 in order to minimize market disruption.
Metal Bulletin has no financial interest in the level or direction of the index.
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. Please add the subject heading FAO: Vlada Novokreshchenova, re: CIS export billet index.
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