Reporting market prices is a key aspect of the S&P Global Commodity Insights service.

This user guide shows you what features are available to best view and analyze the prices, how to use and access them, and definitions of the prices, products and methodology.

Please click on any of the sections below:

• - Description of the Price Analyzer, Snapshot, pre-set price tables and Price Trackers
• - Where to find other prices reported by S&P Global Commodity Insights
• - Price definition (type, sources, frequency and validity, forecasts, vat)
• - Product definition (grade, size, inco terms, currencies and weight units)
• - Application of S&P Global Commodity Insights prices and Tracker indexes
• - Feedback, Terms & Conditions and Disclaimer

Steel Prices can be viewed and analysed in a number of different sections of the website, as follows:

Price Analyzer This flexible tool is the best way of analysing and comparing any of the price series that S&P Global Commodity Insights provides. Simply choose the series you want to review and then select start and end dates, the currency (historical exchange rates are applied), the units (metric tonnes / short tonnes/ kg / lb) and the frequency of display. This data is available as a table and a graph. You can also compare this series with up to 3 others from any product / region that you have access to, either as actual values or as an index. The currency and units of the series chosen for comparison will change automatically to match the initial series so that you are comparing like with like. The trend and % change values are a comparison of the latest price with the previous price, to give a quick view of the current market movement.     Download to spreadsheet  Subscribers can also download the information into an excel spreadsheet for further analysis as required.

 Price Snapshot

This is your own table of prices that you can personalise to include any series. This will save you time whenever you want to see the latest prices, as you will not have to search for them.

Personalise your Price Snapshot

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Price Tables

These tables are grouped by product as follows: Flat, Long, Semi-finished, Scrap, Stainless and Raw Materials.

Simply select a product group to see our latest prices. This is an easy way of comparing the same product in different geographical regions. Note the currency, units and delivery terms may be different, but you can standardise if you wish.

Any prices highlighted in bold have a comment attached to them. To read this simply hold your mouse over the price and it will appear. For more details about each series hold your mouse over the symbol.

To select a series for further analysis in the  Price Analyzer click on the name of the series (blue text in the grey box).

Beneath each table is a listing of latest market reports for this product group.

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 Price Trackers*

nb: These were formally called  Steel Price Indexes.  They were changed to prevent confusion with The Steel Index, a seperate S&P Global Commodity Insights venture.

Price Trackers are weighted basket indicies of different individual price series. They Track the market, and show the movement of a set group of products in a particular region. Using an index allows a meaningful comparison of regions and generic product groups, particluarly if the constituent price series have different currencies, units and delivery terms.

All of our Trackers start at January 2000. You can view them in a table all together or analyse them individually by clicking any index name (blue text in grey box above). Indexes can be a useful way of assessing broad market sentiment of price movements relative to a particular time. Steel buyers can base their purchasing contracts on an basket index (usually monthly or quarterly), particularly when more than one product is being purchased and one or more of those products are not covered within the S&P Global Commodity Insights prices section. The main reason for linking long-term steel purchasing contracts to a current market index is the reduction of risk , for both the buyer and seller. This is increasingly necessary in times of high market uncertainty and volatility, and in the absence of any widely used futures exchange.

As well as the price series that are formally reported and included in the Steel Prices section, we also report other prices from different regions and products.

These are often not formalised into a price series as the market may not always exist, particularly for some imports and exports. This makes a continuous series impossible.

How to search for other prices
If you have not read the reports on your Daily Briefing already, or want to dig out some historical information, there are two good ways to find them:

0. All of the market articles containing prices are located in the relevant product group of the price section, beneath the prices table, as shown.

   Articles are listed in date order, latest first.

0. Conduct a search in the News Archive i.e.: search words could be ‘iron ore prices’.

The process of obtaining and publishing steel and associated product prices requires large amounts of time, effort and expense and can only be successfully conducted by qualified specialists who have built up a relationship with a particular market.

S&P Global Commodity Insights is dedicated to the pursuit of market prices, and we are constantly updating and expanding our range of prices covered.

Type of price

S&P Global Commodity Insights Evaluated Market Prices
All prices reported and recorded within the Steel Prices section are our own evaluations of actual transaction prices in a certain market at a particular time. These are generally spot transaction prices, but may also include longer term contracts. S&P Global Commodity Insights prices are commonly accepted as the reference for setting contracts and reporting.  

Values are price indicators for orders placed during the month, for subsequent delivery. Prices may be nominal where insufficient transactions have occurred.

S&P Global Commodity Insights ensures consistency in the product specifications being reported on; should any changes occur our readers will be notified. A minimum and maximum price is always given reflecting the range of transaction values at any one time.

Mill List Prices 
S&P Global Commodity Insights also reports price increases announced by mills, and gives a view of the extent to which the market will accept them. Published mill prices are not recorded by S&P Global Commodity Insights in a price series, as they do not necessarily correctly represent actual market levels.

Steel Futures Prices
S&P Global Commodity Insights records the daily settlement price for the Dubai Rebar Futures contract. For more details on Steel Futures, click here.

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Sources & Checks
All S&P Global Commodity Insights prices are obtained through keeping in close contact with a particular market, predominantly using the telephone but also via interviews, meetings, and conferences.

The main three types of information sources are producers, traders and steel consumers, however other sources could include industry associations, analysts, consultants and suppliers. A number of market sources are always contacted before any evaluation is made, including each of the three main groups where relevant.

Care is taken not to rely on the same sources continuously. A policy of rotation is in practice and we are always searching for new sources. Prices are checked for accuracy and consistency with a number of S&P Global Commodity Insights analysts before publication, and comparisons with other markets and products complete the quality control process. We encourage, and receive feedback from readers which also serves to verify the prices retrospectively.

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Frequency and Validity
With the exception of the annual iron ore contracts and LME / Dubi Exchange daily contracts, all prices are recorded on a monthly basis, however updates during a single month can be made if the market is moving quickly. The date that the prices were last updated is stated above each price series.

S&P Global Commodity Insights prices are our best view of a continuously moving market at a given time and therefore their validity as the current market price becomes obsolete as soon as the next transaction occurs in the market.

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Forecasts 
S&P Global Commodity Insights endeavours to give a forecast for the coming month(s) based on our view of the market, however we do not guarantee this and reserve the right to change our forecast at any time.

VAT
Value added tax (vat) is not included in any published S&P Global Commodity Insights price, with the exception of Chinese Domestic prices where 17% vat is included. No other taxes, rebates or other fees or discounts are included.

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Currency and Weight Units

You can change the default currency for any series. Exchange rates are updated daily at midnight GMT and historical values are used when displaying historical steel prices.

If you compare one series with another (of different currency), the Analyzer will automatically change the second currency to that of the first series.

The units of weight used are all metric tonnes except for the N.American prices, which are in short tons (s.tons). 1 metric tonne = 1000kg = 1.1023113 short tons. Iron ore prices are quoted in dmtu or dltu (dry metric tonne units / dry long ton units).

You can also choose to view any price series in terms of cents/pence per lb/kg if you wish.

As with the currencies, you can change the weight units of any series as required and if you compare one with another (of different units) the Analyzer will calculate the second series in the currency and units of the first series.

Incoterms (terms of delivery)
Incoterms is an abbreviation of International Commercial Terms and are used to reduce confusion over interpretations of shipping terms, by outlining exactly who is obligated to take control of and/or insure goods at a particular point in the shipping process.

Of the 13 terms, S&P Global Commodity Insights prices are given as one of the following:

EXW – Ex Works
The seller has completed his delivery obligations by placing the goods at the disposal of the buyer at the seller's premises or another named place.

Nb: European domestic exw prices include transportation costs to a freight basis point.

FOB – Free on Board
The seller has delivered the goods when they pass the ship's rail at the named departure port of shipment. The buyer therefore has to bear all transport and insurance costs from that point onward. The seller must clear the goods for export.

CFR – Cost and Freight
The seller has delivered the goods when they pass the ship's rail at the named departure port of shipment. The seller must pay for the costs and freight to bring the goods to the named port of destination, but insurance risks and costs are the buyers responsibility once it has passed the ships rail in the departure port. The seller must clear the goods for export. 

CIF – Cost, Insurance and Freight
The seller has delivered the goods when they pass the ship's rail at the named departure port of shipment. The seller must pay for the costs and freight to bring the goods to the named port of destination, but insurance risks and costs are the buyers responsibility. The seller also has to procure marine insurance against the buyers risk of loss of or damage to the goods during carriage. The seller must clear the goods for export. 

Delivered
The price includes full delivery to the desired customer location

For a full description of all 13 incoterms visit http://www.iccwbo.org/incoterms/preambles.asp

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S&P Global Commodity Insights has established a reputation for producing highly accurate global steel price data. The prices are market driven and derived from continuous contact with all major market players. S&P Global Commodity Insights is the world's leading and most respected independent source for price and market information.

S&P Global Commodity Insights Monthly Market Prices
Steel buyers purchasing on a spot or regular basis, who are not using long-term contracts, can use S&P Global Commodity Insights monthly prices to give an indication of current and future market levels. In addition to the raw data, buyers can search latest market articles to gain a good understanding of the underlying reasons for price movements, and make informed decisions about future levels.

Unless otherwise stated, S&P Global Commodity Insights prices are for base commercial grades and standard extras, which may differ from the product being purchased. In this case it is the price trend that is important for the negotiation, rather than the absolute value.

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Feedback
We want to know what you think about this guide, our steel prices and Trackers, and our overall service. You can contact us at any time with your views and suggestions, either by email info.metals@spglobal.com, on the phone or by clicking here and filling out the feedback form.

Terms & Conditions and Disclaimer
There aren't any nasties in our terms and conditions, but feel free to read them by clicking here.

Prices and other information contained in this publication have been obtained by S&P Global Commodity Insights from sources believed to be reliable. Those prices and price indices which are evaluated or calculated by S&P Global Commodity Insights represent an approximate evaluation of current levels based upon dealings (if any) that may have been disclosed prior to publication.

Efforts are made to ensure that pricing information is representative, but because of the possibility of human or mechanical error by our sources, S&P Global Commodity Insights, or others, S&P Global Commodity Insights does not guarantee the accuracy or completeness of any published information. S&P Global Commodity Insights is not responsible for errors or omissions, or for the results obtained by the use of such information, and disclaims any liability to any person for any loss or damage caused by such errors or omissions, including those resulting from the negligence of S&P Global Commodity Insights, its employees, or representatives.

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