For its manganese ore 37% Mn, cif Tianjin, $/dmtu, manganese ore 37% Mn, fob Port Elizabeth, $/dmtu and manganese ore 44% Mn, cif Tianjin, $/dmtu indicesFastmarkets proposes to amend the payment terms  to "Cash or LC on sight" from “Cash or equivalent” currently.

The current specifications are as follows:

Index: Manganese ore index 37% Mn, cif Tianjin, $/dmtu
Unit: US$ per dry metric tonne unit, cif Tianjin, China
Content

Manganese: Base 37%,
Range 35-39%
Iron content: Base 5%, Maximum 10%
Silica content: Base 5.5%, Maximum 12%
Phosphorous: Base 0.025%, Maximum 0.16%
Alumina: Base 0.2%, Maximum 2%
Moisture: Base 4%, Maximum 12%
Form: Lump
Delivery: Tianjin (China) – normalized for any Chinese mainland sea port
Granularity: 5.5-75mm
Quantity: Min 5,000 tonnes
Delivery window: Within nine weeks
Payment: Cash or equivalent
Publication: Friday, 3pm London

Index: Manganese ore 37% Mn, fob Port Elizabeth, $/dmtu
Unit: US$ per dry metric tonne unit, fob Port Elizabeth, South Africa

Contents:
Manganese Base 37%, Range 35-39%
Iron: Base 5%, Maximum 10%
Silica: Base 5.5%, Maximum 12%
Phosphorous: Base 0.025%, Maximum 0.16%
Alumina: Base 0.2%, Maximum 2%
Moisture: Base 4%, Maximum 12%
Form: Lump
Delivery: Port Elizabeth (South Africa)
Granularity: 5.5-75mm
Quantity: 5,000 tonnes
Delivery window: Within nine weeks
Payment: Cash or equivalent
Publication: Friday, 3pm London

Index: Manganese ore 44% Mn, cif Tianjin, $/dmtu
Unit: US$ per dry metric tonne unit, cif Tianjin, China
Content

Manganese: Base 44%, Range 42-48%
Iron: Base 5%, Maximum 16%
Silica: Base 11%, Maximum 12%
Phosphorous: Base 0.10%, Maximum 0.16%
Alumina: Base 5%, Maximum 14%
Moisture: Base 4%, Maximum 12%
Form: Lump Delivery: Tianjin (China) – normalized for any Chinese mainland sea port
Granularity: 5.5-75mm
Quantity: Min 5,000 tonnes
Delivery window: Within nine weeks
Payment: Cash or equivalent
Publication: Friday, 3pm London


Market consultations suggests an amendment to the payment terms for these indices would better reflect how the manganese market operates.

No further changes are proposed to the specifications for the three indices, which can be seen here. Additionally, no changes are proposed to Fastmarkets' fot indices.

The consultation period for this proposed amendment will end one month from the date of this pricing notice, on September 9, with changes taking place, subject to market feedback, from September 10.

To provide feedback on these indices or if you would like to provide price information by becoming a data submitter to these indices, please contact Jon Stibbs by email at pricing@fastmarkets.com. Please add the subject heading 'FAO: Jon Stibbs, re: amendment to payment terms of seaborne manganese ore indices.'

To see all Fastmarkets’ pricing methodology and specification documents go to www.fastmarkets.com/ about-us/methodology.