The Barchart Scrap Metal Price Index family is a series of price and time weighted indexes that represent national fair value pricing for scrap yards within the United States. The indexes are calculated daily and use standardized ISRI (Institute of Scrap Recycling Industries) product classifications to group and refine individual price observations.
Once individual price observations have been normalized into a product type, indexes will only be calculated for products that have 20 or more stated price observations for every working day within the past calendar year. Index eligibility to reviewed on Dec 31st each year after market close, and Barchart will then calculate indexes for eligible scrap metals on the next working day.
Additional prices, including basis values and forward curve information, are available exclusively to subscribers of cmdtyView® - the leading platform for commodity trading – or other data products available through Barchart.
What you need to know…
The afternoon, the Federal Reserve announced it will increase rates by 0.25%, bringing the federal funds rate to 4.75% - 5%, its highest levels in almost 16 years.
As a result, stock indexes are fluctuating between positive and negative territory. Currently, the S&P 500 Index ($SPX) (SPY) is up +0.13%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.09%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.51%.
The markets will also scour post-FOMC meeting comments from Fed Chair Powell, who may adopt a more cautious approach to tightening monetary policy due to the banking system's confidence crisis.
Global bond yields are mixed. The 10-year T-note yield today is down -1.5 bp at 3.599%. However, European government bond yields are higher on hawkish comments from ECB President Lagarde and an unexpected acceleration of UK consumer prices in February. The 10-year German bund is up +7.1 bp at 2.364%, and the 10-year UK gilt yield... Read more
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