Fastmarkets’ weekly index for manganese ore 44% Mn, cif Tianjin was published correctly at $5.12 per dmtu on September 27.
However, the calculation and published rationale were inaccurate. Two deals heard were originally inputted as full deals with full tonnage weighting. As deal heard, these should have had a minimum tonnage. Consequently, due to the lack of liquidity, the liquidity that was actually captured should have been copied over to the other sub-index as a low liquidity measure as set out in the pricing methodology.
The result of the described measures means the index stayed at $5.12 per dmtu, the same as published on Friday September 27.
Fastmarkets' rationale database has been updated to reflect this change.
For more information or to provide feedback on this correction notice or if you would like to provide price information by becoming a data submitter to this index, please contact Jon Stibbs by email at: firstname.lastname@example.org. Please add the subject heading ‘FAO: Jon Stibbs re: Manganese ore index.’
To see all Fastmarkets’ pricing methodology and specification documents go to www.fastmarkets.com/about-us/methodology.
Fastmarkets has corrected its manganese ore 44% index cif China calculation for Friday September 27 and published pricing rationale, which had been published incorrectly due to an editorial error, while the index number remains the same.