Fastmarkets has proposed to discontinue several indices related to ferrous scrap in the U.S. Midwest, including the MB-STE-0423 Steel Scrap Shredded Index, MB-STE-0424 Steel Scrap No. 1 Heavy Melt Index, and MB-STE-0882 Steel Scrap No. 1 Busheling Indicator, effective January 2025. This decision is in response to upcoming changes in the busheling futures contract on the CME, which will now settle against Fastmarkets' assessment of the Chicago No. 1 busheling price. The consultation period for this proposal will end on December 13, 2024, with an update expected on that date. Fastmarkets will continue publishing the MB-STE-0422 Steel Scrap No.1 Busheling Index throughout 2025 to support existing contracts settled against it.
