Subject to market feedback, the specification for the MBIOI-CPS will be amended to include only data for products in the mid-grade bracket - those with an Fe content of 60-63.5% - provided it also meets the other specification requirements for the index.
This is in line with the changes proposed to the Metal Bulletin 62% Fe Iron Ore Index for seaborne materials.
Data will still be normalized to the index base level, which would remain unchanged from its current specification.
The full proposed new specifications for the MBIOI-CPS would be as follows:
Price: RMB per wet metric tonne, free on truck
Material origin: All
Fe content: Base 62%, range 60-63.50%
Silica: Base 3.50%, maximum 8.0%
Alumina: Base 2.0%, maximum 4.0%
Phosphorus: Base 0.10%, maximum 0.15%
Sulfur: Base 0.02%, maximum 0.06%
Moisture: Base 8%, maximum 10%
Granularity: Base size >90% <6.3mm, at least 90% <10mm, at most 40% <0.15mm
Trade size: Minimum 500 tonnes
Payment terms: Payment at sight, other terms normalized to base
Delivery port: Base Qingdao, normalized for any other Chinese mainland sea port
Delivery period: Within two weeks
Publication: Daily at 6.30pm Singapore time
The consultation period for this proposed amendment will end two months from the date of this pricing notice, on September 24, 2018, with changes taking place, subject to market feedback, from October 1, 2018.
To provide feedback on this price or if you would like to provide price information by becoming a data submitter to this price, please contact Peter Hannah by email at: email@example.com. Please add the subject heading ‘FAO: Peter Hannah, re: MBIOI-CPS.’
To see all Metal Bulletin’s pricing methodology and specification documents go to: https://www.metalbulletin.com/prices/pricing-methodology
Metal Bulletin is proposing to refine the existing coverage of its 62% Fe Iron Ore China Port Stocks Index (MBIOI-CPS) to align with changes proposed to its seaborne 62% Fe index.