32
WELCOME Thank you for joining us.
WELCOME
Thank you for joining us.
OVERVIEW THE CARBON STEEL SECTOR
Philip Gibbs 216-689-0312
Tyler Kenyon 216-689-7127
KeyBanc Capital Markets Inc.
Member NYSE/FINRA/SIPC
2 Important disclosures for the companies mentioned in this report can be found at
https://key2.bluematrix.com/sellside/Disclosures.action.
GLOBAL MACRO REMAINS UNCERTAIN;
FUNDAMENTALS IN THE U.S. IMPROVING
Deflationary Backdrop Stabilizes…for Now. Recent easing of USD strength, lift in crude oil prices have served to support cost curves/broader commodity complex. 1Q16 Chinese iron ore replenishment (plus culling of domestic mine production) ahead of seasonal strength in finished steel demand has vaulted iron ore prices toward $60/tonne vs. late ‘15 lows nearer $40/tonne. Abatement in elevated Chinese steel exports; greater alleviation of USD strength; stabilization in global crude, iron ore and copper prices at these levels remains questionable.
U.S. Supply Side Normalization Underway. Supply-demand is achieving equilibrium in sheet (imports, outages, easing de-stocking) vs. stable demand. We believe end users and service centers will be buying in-line with need in the 2H16 (vs. aggressive inventory paring seen in ‘15-1Q16).
Demand Growth Tepid. While auto and construction remain bright spots, lagging energy and industrial end markets continue to weigh on core/real demand growth. We see flattish demand in ’16 and 1-2% growth in ’17.
3
Status/2016 Outlook Factor
Off Bottom/ Future
Unknown
NT Sheet Supply-
Demand in Balance
Nominal Growth Intact
Glo
bal M
acro
M
ore
Ba
lan
ce
d/P
os
itiv
e M
icro
Source: Key Banc Capital Markets Inc.
U.S. CARBON STEEL DEMAND GROWTH NOMINAL
4
Market
Machinery and Equipment
Energy
Automotive Production
Container
Appliance
Military
Construction
Source: American Iron and Steel Institute (AISI), KeyBanc Capital Markets Inc.
0%
3%
KeyBanc Capital Markets Real Carbon Steel Demand Forecast - By End Market
2017E
0%
20%
(2%)
0%
2%
5%
2016E
(5%-10%)
(35%-45%)
2%
(2%)
2%
0%
3%
0%
3%
2%
2015E
(7%)
(55%)
0%
Machinery and
Equipment
9%
Energy 3%
Auto 27%
Container 4%
Appliance 4%
Military 3%
Constuction
47%
Other 3%
2016E U.S. Finished Steel End Markets
U.S. CARBON STEEL SUPPLY-SIDE RECOVERED
5
Source: U.S. Census Bureau, International Trade Administration, KeyBanc Capital Markets Inc
*Based on final data from the Census Bureau for January, preliminary for February and ITA licensing data for March (through March 24th).
200
400
600
800
1,000
1,200
1,400
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Se
p-1
1N
ov
-11
Jan
-12
Ma
r-1
2M
ay-1
2Ju
l-1
2
Se
p-1
2N
ov
-12
Jan
-13
Ma
r-1
3M
ay-1
3
Jul-
13
Se
p-1
3N
ov
-13
Jan
-14
Ma
r-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov
-14
Jan
-15
Ma
r-1
5M
ay-1
5Ju
l-1
5
Se
p-1
5N
ov
-15
Jan
-16
Ma
r-1
6
Th
ou
san
d S
ho
rt To
nsT
ho
usa
nd
Sh
ort
To
ns
Carbon Steel Monthly Import Trend*Total Finished Carbon Steel Imports Flat Rolled Carbon Imports
4,500
4,700
4,900
5,100
5,300
5,500
5,700
5,900
6,100
6,300
6,500
7,000
7,500
8,000
8,500
9,000
9,500
Au
g-1
1O
ct-
11
De
c-1
1Fe
b-1
2A
pr-
12
Jun
-12
Au
g-1
2O
ct-
12
De
c-1
2Fe
b-1
3A
pr-
13
Jun
-13
Au
g-1
3O
ct-
13
De
c-1
3Fe
b-1
4A
pr-
14
Jun
-14
Au
g-1
4O
ct-
14
De
c-1
4Fe
b-1
5A
pr-
15
Jun
-15
Au
g-1
5O
ct-
15
De
c-1
5Fe
b-1
6
Th
ou
san
d S
ho
rt To
nsT
ho
usa
nd
Sh
ort
To
ns
Carbon Steel Monthly Service Center InventoriesTotal Carbon Inventories Flat Rolled Inventories
6
LOW DEMAND GROWTH, MILL SHIPMENTS EXPECTED
TO GROW VIA SUPPLY-SIDE RESTORATION
in thousands short tons 2014 2015 2016E 2017E
Estimated U.S. Finished Steel Mill Shipments 98,248 86,550 89,102 90,867 Less Finished Steel Exports 10,871 8,945 8,945 8,945
(1) Subtotal 87,377 77,605 80,157 81,922
Growth YoY 4.2% -11.2% 3.3% 2.2%
(2) Finished Steel Imports 32,694 30,434 27,434 27,334
Growth YoY 36.8% -6.9% -9.9% -0.4%
(3) Change in Service Center Inventories 1,470 (1,497) (600) 335
(1+2+3) Apparent Steel Consumption 121,541 106,542 106,991 109,591
Growth YoY 13.0% -12.3% 0.4% 2.4%
Real Steel Consumption 113,206 107,922 108,111 109,725
Growth YoY 5.8% -4.7% 0.2% 1.5%
Domestic Mill Melt Utilization 77.0% 71.0% 76.2% 77.0%
Source: AISI, U.S. Census Bureau, KeyBanc Capital Markets Inc. estimates
KeyBanc U.S. Finished Steel Consumption/Supply Forecast
We see mill finished steel shipments growing 2-3% in ’16, with de minimis growth in
real demand and 1H16 destocking offset by mill market share gains vs. imports
(primarily sheet). We expect imports of long products to remain elevated given still
wide spreads between U.S. and international prices, and stronger demand relative to
key sheet markets.
7
MILL MARKET SHARE GAINS MORE DRAMATIC IN
SHEET PRODUCTS VIA TRADE PROTECTION
We see mill sheet shipments growing 3-4% in ’16, with no growth in real demand and
1H16 destocking offset by mill market share gains vs. imports (we see 2.5M tons
YOY).
2014 2015 2016E 2017E
U.S. Carbon Sheet/Strip Mill Shipments (000 tons) 50,892 46,713 48,592 49,347
Less Sheet/Strip Exports 3,978 3,747 3,747 3,747
(1) Subtotal 46,914 42,966 44,845 45,600 (2) Sheet/Strip Imports 11,615 10,982 8,445 8,747
(3) Change in Service Center Inventories 1205 -773 -600 200
(1+2+3) Apparent Sheet/Strip Consumption 59,734 53,175 52,691 54,547
Growth YoY 9.9% -11.0% -0.9% 3.5%
Real Sheet/Strip Consumption 58,479 53,873 53,849 54,283
Growth YoY 7.3% -7.9% 0.0% 0.8%
Hot Rolled Sheet/Strip Shipments 21,969 19,552 19,640 20,963
Cold Rolled Sheet/Strip Shipments 10,148 9,128 10,184 9,957
Galvanized Sheet/Strip Shipments 17,979 17,318 18,054 17,712
Average Effective (Running) Sheet/Strip Capacity 64,624 62,624 57,509 57,809
Effective Utilization 79% 75% 84% 85%
Source: AISI, U.S. Census Bureau, KeyBanc Capital Markets Inc. estimates
KeyBanc U.S. Carbon Sheet and Strip Supply/Consumption Forecasts
8
STEEL INDUSTRY PROFIT DRIVER FORECASTS
9
STEEL INDUSTRY PROFIT DRIVER FORECASTS
(CONT.)
10
Disclosures Appendix
Important disclosures for the companies mentioned in this report can be found at https://key2.bluematrix.com/sellside/Disclosures.action.
Reg A/C Certification
The research analyst(s) responsible for the preparation of this research report certifies that:(1) all the views expressed in this research report accurately reflect the research analyst's
personal views about any and all of the subject securities or issuers; and (2) no part of the research analyst's compensation was, is, or will be directly or indirectly related to the specific
recommendations or views expressed by the research analyst(s) in this research report.
Other Disclosures
KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member
NYSE/FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Pacific Crest Securities is a division of KeyBanc Capital Markets Inc.
KeyBanc Capital Markets Inc. (“KBCMI”) does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a
conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
This report has been prepared by KBCMI. The material contained herein is based on data from sources considered to be reliable; however, KBCMI does not guarantee or warrant the
accuracy or completeness of the information. It is published for informational purposes only and should not be used as the primary basis of investment decisions. Neither the information
nor any opinion expressed constitutes an offer, or the solicitation of an offer, to buy or sell any security. The opinions and estimates expressed reflect the current judgment of KBCMI
and are subject to change without notice. This report may contain forward-looking statements, which involve risk and uncertainty. Actual results may differ significantly from the forward-
looking statements. This report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the
specific needs of any person or entity.
No portion of an analyst’s compensation is based on a specific banking transaction; however, part of his/her compensation may be based upon overall firm revenue and profitability, of
which investment banking is a component. Individuals associated with KBCMI (other than the research analyst(s) listed on page 1 of this research report) may have a position (long or
short) in the securities covered in this research report and may make purchases and/or sales of those securities in the open market or otherwise without notice. As required by NASD
Rule 2711(h)(1)(A), financial interest, if any, by any research analysts listed on page 1 of this report will be disclosed in Important Disclosures, Company-specific regulatory disclosures
located above in the Disclosure Appendix. KBCMI itself may have a position (long or short) in the securities covered in this research report and may make purchases and/or sales of
those securities in the open market or otherwise without notice. As required by NASD Rule 2711(h)(1)(B), if KBCMI beneficially owns 1% or more of any class of common equity
securities of the subject company(ies) in this research report as of the end of the month immediately preceding the date of publication of this research report will be disclosed in
Important Disclosures, Company-specific regulatory disclosures located above in the Disclosures Appendix. This communication is intended solely for use by KBCMI clients. The
recipient agrees not to forward or copy the information to any other person without the express written consent of KBCMI.
Rating System:
Overweight - We expect the stock to outperform the analyst's coverage sector over the coming 6-12 months.
Sector Weight - We expect the stock to perform in line with the analyst's coverage sector over the coming 6-12 months.
Underweight - We expect the stock to underperform the analyst's coverage sector over the coming 6-12 months.
Note: KeyBanc Capital Markets changed its rating system after market close on February 27, 2015. The previous ratings were Buy, Hold and Underweight. Additionally, Pacific Crest
Securities changed its rating system to match KeyBanc Capital Markets’ rating system after market close on April 10, 2015, in conjunction with the merger of the broker dealers. The
previous ratings were Outperform, Sector Perform and Underperform.
Investors should assume that we are seeking or will seek investment banking or other business relationships with the company described in this report.
Please refer to the analysts' recently published reports for company-specific valuation and risks.
THANK YOU!
Philip Gibbs 216-689-0312
Tyler Kenyon 216-689-7127
KeyBanc Capital Markets Inc.
Member NYSE/FINRA/SIPC
11 Important disclosures for the companies mentioned in this report can be found at
https://key2.bluematrix.com/sellside/Disclosures.action.
An Overview of Ferrous Futures Contracts and Exchanges
John Conheeney
World Steel Exchange Marketing
Platts Steel Markets North America Conference
March 14-15 Chicago
WSEM
World Steel Exchange Marketing
Chicago Mercantile Exchange Ferrous Futures www.cmegroup.com
Iron Ore 62% Fe, CFR China (TSI) Futures
Contract Unit 500 dry metric tons
Price Quotation U.S. Dollars and cents
Trading Hours Sunday-Friday 6:00 p.m.-5:00 p.m. NY time
with a 60-minute break each day beginning
5:00 p.m.
Minimum Price $0.01 per dry metric ton
Fluctuaton
Product Code TIO
Listed Contracts Monthly contracts listed for current year and next 3
calendar years. Monthly contracts for a new calendar
Settlement Method Financial
Final or Floatng Price The average price of of all daily assessments published
for "Iron ore fines 62% Fe - CFR China Port" for that
month by TSI (The Steel Index)
Last Day of Trading Last business day (Singapore)of the contract month.
U.S. Midwest Hot-Rolled Coil (CRU ) Index Futures
Contract Unit 20 short tons
Price Quotation U.S. Dollars and cents
Trading Hours Sunday-Friday 6:00 p.m.-5:00 p.m. NY time
with a 60-minute break each day beginning
5:00 p.m.
Minimum Price $1.00 short ton
Fluctuation
Product Code HRC
Listed Contracts The current year plus next two calendar
year
Settlement Method Financial
Final or Floating Price Average price of all CRU assessments before
the last Wednesday of the month
Last Day of Trading Trading terminates on the business day prior to
the last Wednesday of the named contract month
Chicago Mercantile Exchange Ferrous Futures
European Hot-Rolled Coil, ex-Works Ruhr Germany, Platts Index
Contract Unit 50 metric tons
Price Quotation Euros per Metric ton
Trading Hours Sunday-Friday 6:00 p.m.-5:00 p.m. NY time
with a 60-minute break each day beginning
5:00 p.m.
Minimum Price 0.01 Euro
Fluctuaton
Product Code NSF
Listed Contracts 24 consecutive months
Settlement Method Financial
Final or Floatng Price Average price calculated for all available price
assessments published for“European hot rolled coil,
Ex-works Ruhr Germany” for that given calendar month
Termination of Trading terminates on the last business day of the
Trading contract month (follows the UK banking holiday schedule).
Midwest U.S. Busheling Steel (AMM) Index Futures
Contract Unit 20 gross tons
Price Quotation U.S. Dollars and cents
Trading Hours Sunday-Friday 6:00 p.m.-5:00 p.m. NY time
with a 60-minute break each day beginning
5:00 p.m.
Minimum Price $0.01 per gross ton
Fluctuation
Product Code BUS
Listed Contracts 24 consecutive months
Settlement Method Financial
Final or Floating Price AMM US Midwest #1 Busheling Ferrous Scrap Index
Termination of 10th of the month, if 10th is a holiday/weekend,
Trading it will terminate on the next business day
Chicago Mercantile Exchange Ferrous Futures
Steel Billet, FOB Black Sea (Platts) Index
Contract Unit 100 metric tons
Price Quotation U.S. Dollars and cents
Trading Hours Sunday-Friday 6:00 p.m.-5:00 p.m. NY time
with a 60-minute break each day beginning
5:00 p.m.
Minimum Price $0.01 gross ton
Fluctuaton
Product Code SSF
Listed Contracts 24 consecutive months
Settlement Method Financial
Final or Floatng Price Average price calculated for all available price
assessments published for “Steel Billet – FOB Black Sea”
for that given calendar month by Platts (Platts).
Termination of Trading terminates on the last business day of the
Trading contract month (follows the UK banking holiday schedule).
HMS 80/20 Ferrous Scrap, CFR Turkey (Platts) Index Futures
Contract Unit 50 metric tons
Price Quotation U.S. Dollars and cents
Trading Hours Sunday-Friday 6:00 p.m.-5:00 p.m. NY time
with a 60-minute break each day beginning
5:00 p.m.
Minimum Price $0.01 gross ton
Fluctuation
Product Code FSF
Listed Contracts 24 consecutive months
Settlement Method Financial
Final or Floating Price Average price calculated for all available
price assessments published for
“HMS 80/20 Ferrous Scrap – CFR Turkish Port”
Termination of Trading terminates on the last business day of the
Trading contract month (follows the UK banking holiday schedule)
LME Ferrous Futures http://www.lme.com/en-gb/metals/ferrous/
HMS 80/20 Ferrous Scrap, CFR Turkey (TSI) Index Futures Platts Rebar, Turkish Exports, FOB Turkey Port Index
Contract Unit 10 metric tons Contract Unit 10 metric tons
Price Quotation U.S. Dollars and cents Price Quotation U.S. Dollars and cents
Trading Hours 1:00-19:00 London time Trading Hours 1:00-19:00 London time
Inter-office 24 hours
Minimum Price LME select: $0.50
Fluctuation interoffice: $0.01 gross ton Minimum Price LME select: $0.50
Fluctuation interoffice: $0.01 gross ton
Product Code SC
Product Code SC
Listed Contracts Monthly out to 15 months
Listed Contracts Monthly out to 15 months
Settlement Method Financial
Settlement Method Financial
Final or Floating Price Average price calculated for all available
price assessments published for Final or Floating Price Monthly Average Index Price of the "Platts Rebar,
“HMS 80/20 Ferrus Scrap – CFR Turkish Port” Turkish exports, FOB Turkey port" Index, which is
available from the 16:30 on the last trading day
Termination of Trading terminates on the last business day of the
Trading of the contract month (follows the UK banking Termination of Last business day of the month at 16:30 London time
holiday schedule. Trading
LME Ferrous Futures
Steel Billet
Contract Unit 65 metric tonnes
Price Quotation U.S. Dollars and cents
Trading Hours Ring: 11:40-11:45
13:05-13:10
15:30-15:35
LME Select: 1:00-19:00 (London)
Inter-office: 24 hours
Minimum Price LME select: $0.50
Fluctuation interoffice: $0.01 gross ton
Product Code SC
Settlement Dates —Daily from cash to 3 months
—Weekly (every Wednesday) from 3 months to 6 months
—Monthly (every Wednesday) from 7 months to 15 months
Settlement Method Physical delivery
Final or Floating Price Monthly Average Index Price of the "Platts Rebar,
Turkish exports, FOB Turkey port" Index, which is
available from the 16:30 on the last trading day
Termination of Last business day of the month at 16:30 London time
Trading
Singapore Exchange Ferrous Futures http://www.sgx.com/wps/portal/sgxweb/home/products/derivatives/commodities
Iron Ore 62% Fe, CFR China (TSI) Swaps Iron Ore 62% Fe, CFR China (TSI) Futures
Contract Unit 500 dry metric tons 100 dry metric tons
Price Quotation U.S. Dollars and cents U.S. Dollars and cents
Trading Hours Every business day except common Singapore and UK Every business day except common Singapore and UK
(Singapore time) Holidays Holidays
T session: 8.00 am – 8.00 pm T session: 8.00 am – 8.00 pm
T+1 session: 8:00 pm-4:00 am T+1 session: 9:00 pm-2:00 am
Last trading day: 8:00 am-8:00 pm Last trading day: 8:00 am-8:00 pm
Minimum Price $0.01 per dry metric ton $0.01 per dry metric ton
Fluctuation
Product Code FE FEF
Listed Contracts Up to 48 consecutive months starting with current month. Up to 48 consecutive months starting with current month.
12 consecutive months will be added upon expiry in 12 consecutive months will be added upon expiry in
December. December.
Settlement Method Financial Financial
Final or Floating Price The average price of all daily assessments published The average price of all daily assessments published
for "Iron ore fines 62% Fe - CFR China Port" for that for "Iron ore fines 62% Fe - CFR China Port" for that
month by TSI (The Steel Index). The last publication day is month by TSI (The Steel Index). The last publication day is
is last Singapore business day of the month. is last Singapore business day of the month.
Last Day of Trading Last business day (Singapore)of the contract month. Last business day (Singapore)of the contract month.
Midwest U.S. Shredded Steel Scrap (TSI) Index Midwest U.S. Hot-Rolled Coil (TSI) Index
Contract Unit 20 gross tons (2240 lbs.) Contract Unit 20 short tons
Price Quotation U.S. Dollars and cents Price Quotation U.S. Dollars and cents
Trading Hours Monday-Friday 3:00 a.m.-1:00 p.m. NY time . Trading Hours Monday-Friday 3:00 a.m.-1:00 p.m. NY time .
Minimum Price $0.25 per gross ton Minimum Price $0.01 per short ton
Fluctuation Fluctuation
Product Code USSH Product Code USHRC
Listed Contracts 12 contiguous months, quoted monthly and quarterly. Listed Contracts 24 contiguous months, quoted monthly, quarterly
and yearly
Settlement Method Financial
Settlement Method Financial
Final or Floating Price The average weighted price for the first
10-days of each month as published by Final or Floating Price The average price of all daily assessments published
TSI (the Steel Index) by TSI for that month.
Last Day of Trading The first business day preceding publication of the Last Day of Trading Last business day (UK) of the contract month.
final price by TSI.
Nasdaq Commodities Inc. (Stockholm) www.nasdaqomx.com/transactions/markets/commodities
Nasdaq Commodities Inc. (Stockholm) /
Anticipated launch date Tuesday March 29, 2016
Iron Ore 62% Fe, CFR China (TSI) Index ASEAN Imports CFR Port TSI Index
Contract Unit 1000 metric tons Contract Unit 20 metric tonnes
Price Quotation U.S. Dollars and cents Price Quotation U.S. Dollars and cents
Trading Hours Monday-Friday 3:00 a.m.-1:00 p.m. NY time . Trading Hours Monday-Friday 3:00 a.m.-1:00 p.m. NY time .
Minimum Price $0.01 per dry metric ton Minimum Price $0.01 per short ton
Fluctuation Fluctuation
Product Code CHN62FE Product Code ASEHRC
Listed Contracts 24 continuous months Listed Contracts 24 contiguous months, quoted monthly, quarterly
and yearly
Settlement Method Financial
Settlement Method Financial
Final or Floating Price The average price of all daily assessments published
for "Iron ore fines 62% Fe - CFR China Port" for that Final or Floating Price The average price of all daily assessments published
month by TSI (The Steel Index) by TSI for that month.
Last Day of Trading Last business day (UK) of the contract month. Last Day of Trading Last business day (UK) of the contract month.
Nasdaq Commodities Inc. (Stockholm)
Premium Hard Coking Coal, FOB East Cost Australia Port, (TSI) Index
Contract Unit 1000 metric tons
Price Quotation U.S. Dollars and cents
Trading Hours Monday-Friday 3:00 a.m.-1:00 p.m. NY time .
Minimum Price $0.01 per dry metric ton
Fluctuation
Product Code COKEAUS
Listed Contracts 24 continuous months
Settlement Method Financial
Final or Floating Price The average price of all daily assessments published
by TSI for that month
Last Day of Trading Last business day (UK) of the contract month.
January 2016 Ferrous Futures Volumes
Exchange Product Contract Size Contract Volume Tonnes Launch
Shanghai Futures Exchange† Rebar 10 mt 63 million 6.3 billion 2008
Dalian Commodity Exchange † Iron Ore 100 mt 29 million 2.9 billion 2011
Singapore Exchange Iron Ore 100 mt* 1.36 million 136 million 2013
CME Iron Ore 500 mt 38 thousand 18.9 million 2010
CME US HRC 20 gt 58 hundred 116 thousand 2009
LME Rebar 10 mt 250 2,500 Nov. 2015
LME 80/20 HMS 10 mt 1,250 12,500 Nov. 2015
† China exchanges double count volume. These figures have been standardized to US and LME standards.
*Swaps (500 mt contract) volumes have been standardized to the 100 mt futures equivalent
Active Ferrous Futures Brokers and FCMs
FCM Representative Phone email
ADM Ira Levine 212-785-2892 [email protected]
DH Darbie/Mizuho Dan Uslander (917) 720-3318 [email protected]
212-269-7271
FC Stone Spencer Johnson 212-379-5492 [email protected]
Maquarie David Coates 312-730-9771 [email protected]
Soc Gen/Newedge Chris Olmstead 212 278 5661 office [email protected]
Crunch Risk Trading Andre Marshall 832-622-2262 [email protected]
(OTC)* Jack Marshall
*clears customer business with multiple FCMs
Poll question: Have you ever traded futures?
To see the audience poll question results, please replay the webinar.
Poll question: Whether you have traded futures in the past or not, would you be interested in learning more about the ferrous futures products? To see the audience poll question results, please replay the webinar.
For additional information about Nasdaq’s ferrous futures or futures trading in general, please contact:
John R. Conheeney President World Steel Exchange Marketing 456 Sylvan Ave. Englewood Cliffs, NJ 07632 201-503-0922 (office) 201-785-4347 (cell) [email protected]
WSEM
World Steel Exchange Marketing
Methodology
Data-driven methodology using transaction data to calculate
volume-weighted price indices
TSI “Data Providers” submit spot
transaction data to TSI under confidentiality agreement
Physical market participants only (over 600 registered today)
Representatives from all relevant
points of the supply chain, buy
and sell sides
Submission direct to TSI database through secure on-line channel
Data normalised and “cleaned” before volume-weighted
averages calculated for the day
or week
The Steel Index Methodology Video
https://youtu.be/FlIxVVDvkvI
The Steel Index On YouTube
Why Become a Data Provider?
Have your company price data included in our reference price calculations - an invaluable benefit if you use our prices in negotiations or participate in
index-linked pricing arrangements.
Receive TSI's daily and weekly prices and analysis for the series you are taking part in.
Receive TSI's Monthly Reviews which take a closer look into the markets
which TSI covers.
Benchmark your own data against TSI prices using TSI Price Analyzer – exclusive to Data Providers.
Receive TSI's weekly steel market sentiment survey data on the outlook for steel demand and prices collected from our Data providers around the
world – crucial market indicators!
The Steel Index DP video
https://youtu.be/LM8juUsX5AA
The Steel Index On YouTube
Steven Randall
London
TSI Managing Director
Office: +44-20-7176-7649
Email: [email protected]
Vaseem Karbhari
London
TSI Senior Analyst
Office: +44-20-7176-7657
Email: [email protected]
Kurt Fowler
Pittsburgh
Sr. Manager, Americas
Office: +1 412-431-0584
Email: [email protected]
Tim Hard
Singapore
TSI Director
Office: +65-6530-6413
Email: [email protected]
Oscar Tarneberg
Shanghai
TSI Senior Analyst
Office: +65-6530-6412
Email: [email protected]
Jasmine Kurjakovic
Pittsburgh
TSI Analyst, Americas
Office: +1 202-322-8845
Email: [email protected]
TSI Senior Team
