The Steel Index (TSI) is a leading provider of impartial price information for key steel, scrap and iron ore products around the world, based on spot market transactions.
It is a neutral, independent operation that collates steel, scrap and iron ore price data for clearly specified products, using secure web-based technology, then calculates and reports daily and weekly average steel, scrap and iron ore reference prices.
How are TSI prices compiled?
Transaction price data is collected from companies involved throughout the steel, scrap and iron ore supply chains (Data Providers
) using secure web-based technology that allows them to input price data on a confidential basis. This offers significant advantages over traditional 'telephone polling' approaches: it is fast, secure, verifiable and enables Data Providers all over the world to submit data at their convenience.
Reference Prices are then calculated from this data on a daily and weekly basis using rigorous, transparent and verifiable procedures.
How are TSI prices used?
TSI's robust and verifiable methodology compiles benchmark prices that have been widely adopted by industrial companies and the financial markets. Its prices are extensively used in index-linked pricing arrangements between miners, steel mills, traders, distributors, processors and their customers worldwide. They are also used as the settlement prices for a range of Over-the-Counter (OTC) and futures contracts around the globe - price risk management tools that help steel, iron ore and scrap buyers and sellers to manage the increasing market price volatility.
The Steel Index was officially launched on 25 April 2006. On 1 July 2011 it was purchased by Platts, a division of McGraw Hill Financial.
For more information on Platts and McGraw Hill, please visit their websites at: www.platts.com and www.mhfi.com. TSI is run as a completely separate operation to Platts' editorial and other pricing activities.