Fastmarkets Corrects US Steel Scrap Prices After Reporting Error

Fastmarkets delayed the publication of three regional US steel scrap shredder feed price assessments originally scheduled for Tuesday, 8 September 2026, citing a reporting error by staff. The notice went out on 11 September 2026, and the pricing database was updated shortly after.

These are not obscure numbers. Steel mills and scrap recyclers lean on them as neutral settlement references in physical supply contracts and yard procurement decisions, which is exactly why a gap in weekly publication, however short, registers.

Here is what happened, which three benchmarks were affected, and what the restored database means for anyone tracking these assessments going forward.

Three regional benchmarks affected as Fastmarkets corrects the record

The disruption touched three separate price codes, each covering a different slice of the US scrap map.

First came the Midwest series, MB-STE-0787, a weekly steel scrap shredder feed assessment priced fob Midwest in USD per gross ton, live since 19 November 2018. Then the Ohio Valley code, MB-STE-0786, on the same weekly USD-per-gross-ton basis. And finally the Southeast code, MB-STE-0788, rounding out the geographic spread across the eastern half of the country.

Taken together, the affected codes reach from the industrial Midwest through the Ohio Valley and down into the Southeast. That is the scope of the delay: three regional shredder feed indices, published under the Fastmarkets banner but carrying American Metal Market as the origin brand in the platform metadata, a nod to their trade-publication lineage.

The three affected benchmarks sit within a broader pricing environment shaped by EAF mill demand cycles and regional supply dynamics; the US ferrous scrap market outlook for 2026 covers the structural forces driving those regional differentials across the Midwest, Ohio Valley, and Southeast.

Fastmarkets characterised the cause as a staff reporting error. Following the delay notice, the pricing database was updated, and all three series remain listed as “Index, Active” in the ferrous scrap template as of July 2026.

The restoration to active status is the signal that matters here. Users can treat the current assessments as current, but the episode is a reminder that even a routine weekly publication carries operational dependencies that can briefly interrupt benchmark continuity. Fastmarkets invited feedback through pricing@fastmarkets.com and metalsrecycling@fastmarkets.com, noting that submissions marked confidential will be treated accordingly, while those without the designation may be disclosed on request.

What a pricing delay signals about benchmark reliability in scrap markets

Step back from the incident and a structural question comes into view: not whether Fastmarkets stumbled, but what the error-and-correction cycle is meant to look like in a well-run benchmark.

Shredder feed assessments function as contractual settlement references. Mills and recyclers negotiate term supply on differentials to an independently published index, in formulas along the lines of the Fastmarkets code plus or minus a set dollar figure per gross ton. That AMM-rooted lineage removes bilateral haggling and gives both sides a neutral number to settle on.

That is precisely why a reporting error carries weight. Under the International Organization of Securities Commissions (IOSCO) principles, reporting errors are a recognised failure mode for a price reporting agency, because a mistake in data handling can flow into contract settlement before it is caught.

IOSCO-audited price assessments apply a consistent governance framework across commodity classes, meaning the remediation pattern Fastmarkets followed here, public notice, database correction, and series continuation, mirrors the same standards applied to non-ferrous benchmarks across metals markets.

Regulators do not expect zero errors. They expect a defined remediation pattern when one occurs.

• Public notice of the delay to affected users
• Prompt database correction once the error is identified
• Continuation of the active series without suspension or retirement

Fastmarkets’ annual IOSCO assurance reviews, completed by BDO in July 2024 and again in July 2025, are built to demonstrate that its governance can absorb exactly these events. There is precedent for its correction practice, too: an editorial amendment on the MB-STE-0786 page in April 2025 revised descriptive wording, showing the agency will publicly label and fix assessment-related text.

For anyone relying on these codes, the read is this: the rapid database update, paired with a public notice and no break in series status, is what functioning governance looks like under IOSCO principles. To ground the stakes, historical prints from late 2021 and early 2022 give a sense of scale.

Across late 2021 and early 2022, these shredder feed benchmarks ranged roughly $170 to $235 per gross ton. Current 2026 levels sit behind a Fastmarkets subscription paywall, so treat these figures as historical context only, not a read on today’s market.

The historical range of $170 to $235 per gross ton cited for 2021-2022 reflects a period of acute cost-push pressure; the factors driving scrap steel prices in 2026 include freight, energy, and regional demand dynamics that have shifted the benchmark landscape considerably since that cycle.

What affected users should do now that the database is updated

All three series are confirmed active as of September 2026. Weekly USD-per-gross-ton publication continues for MB-STE-0786, MB-STE-0787, and MB-STE-0788, with no indication of suspension or retirement in Fastmarkets’ exchange prices spreadsheet or ferrous scrap template.

If you missed the 8 September window, the practical takeaway is simple: the assessments are back and the database reflects them. The delay notice was dated 11 September 2026, and the correction followed shortly after.

Fastmarkets benchmark publication schedules vary by region and commodity class, with holiday and timing adjustments communicated through the same notice channels Fastmarkets used for the September 2026 shredder feed delay, making familiarity with those channels relevant for any user tracking multiple assessment series.

For anyone who spotted a discrepancy or has price data to contribute, Fastmarkets has opened a formal feedback channel:

• Email pricing@fastmarkets.com or metalsrecycling@fastmarkets.com
• Mark any submission confidential if required; unmarked submissions may be disclosed on request

This article is for informational purposes only and should not be considered financial advice. Investors should conduct their own research and consult with financial professionals before making investment decisions.