LONDON, May 22, 2024
/PRNewswire/ -- Fastmarkets, one of the industry's leading
cross-commodity price-reporting agencies (PRA), is proud to
announce the launch of US green hot-rolled coil (HRC) pricing. This
new North American offering complements Fastmarkets' green HRC
prices across Europe and
Asia, providing both a
differential and a base price in these major markets.
The demand for green steel is accelerating rapidly, particularly
within the automotive and construction sectors in the United States. By launching a US green HRC
price, Fastmarkets positions itself ahead of significant auto
industry purchases expected next year and anticipates a surge in
steel spending following the November presidential election.
The US steel industry has long touted its green credentials,
primarily due to its high proportion of electric arc furnaces
(EAFs). Mills and major end-use buyers, such as automobile
manufacturers, have recently recognized the potential to charge a
premium for green steel. With major deals already secured between
domestic mills and auto producers, there is an increasing need
for an independent price assessment to facilitate these
transactions.
Andrew Wells, editorial and
pricing director for ferrous metals and mining at Fastmarkets,
commented: "As the market matures, both mills and buyers will
require a reliable instrument to finalize contracts. We aim to be
that standard."
The first US green HRC price will cater primarily to mills and
auto-related buyers. However, there is growing interest from
building developers who are increasingly seeking green steel
solutions.
Felix Bello, US steel analyst at
Fastmarkets, added: "To appreciate the significance of quantifying
the value of green steel, we must recognize that steel is the most
ubiquitous and recycled material globally. It permeates our daily
lives, appearing in buildings, bridges, ships, cars, bicycles,
appliances and even paper clips. In these roles, it provides nearly
6 million direct jobs and accounts for almost 8% of CO2 emissions,
positioning it as a critical factor in addressing carbon
emissions."
Join Fastmarkets at the International Iron Ore & Green Steel
Summit 2024, on June 24-26 in Vienna, Austria, to gain insights from
industry leaders, leverage market data for strategic decisions and
seize opportunities in green steel innovation.
Interested in green steel prices? Find out how we can
help you or email media@fastmarkets.com to connect with one of
our analysts.
ABOUT FASTMARKETS
Fastmarkets is an industry-leading PRA and information provider
for the agriculture, forest products, metals and energy transition
commodities' markets. Fastmarkets serves its customers with
commodity benchmark prices and assessments, forecasts, analytics,
insights, news and events. Its data is critical for customers
seeking to understand and predict dynamic, sometimes opaque
markets, enabling trading and risk management.
Fastmarkets is a global business with a history dating to 1865
and is built on trust and deep market expertise. It has more than
650 employees spread across several global locations including the
UK, USA, China, Singapore, Brazil, Bulgaria, Belgium, Ukraine and Finland.
Fastmarkets is a privately held UK-registered company owned by
its shareholders and Astorg, a European private equity firm.
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SOURCE Fastmarkets