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After a month-long consultation period, which was concluded on February 25 and was implemented from March 3, Fastmarkets has amended the payment terms to cash or letter of credit (LC) on sight, from cash or equivalent for its seaborne manganese ore indices.
The names of all three prices have also been brought into line with Fastmarkets’ standard naming convention.
The specifications are now as follows:
MB-MNO-0003 Manganese ore index, 37% Mn, cif Tianjin, $ per dmtuQuality: 5.5-75mm lump. Manganese base 37%, range 35-39%; iron base 5%, max 10%; silica base 5.5%, max 12%; phosphorus base 0.025%, max 0.16%; alumina base 0.2%, max 2%; moisture base 4%, max 12%Quantity: Min 5,000 tonnesLocation: CIF Tianjin (other mainland seaports normalized)Timing: Within nine weeksUnit: US$ per dry metric tonne unitPayment terms: Cash or LC on sightPublication: Friday 3pm, London
MB-MNO-0002 Manganese ore index, 37% Mn, fob Port Elizabeth, $ per dmtuQuality: 5.5-75mm lump. Manganese base 37%, range 35-39%; iron base 5%, max 10%; silica base 5.5%, max 12%; phosphorus base 0.025%, max 0.16%; alumina base 0.2%, max 2%; moisture base 4%, max 12%Quantity: 5,000 tonnesLocation: FOB Port Elizabeth (South Africa)Timing: Within nine weeksUnit: US$ per dry metric tonne unitPayment terms: Cash or LC on sightPublication: Friday 3pm, London.
MB-MNO-0001 Manganese ore index, 44% Mn, cif Tianjin, $ per dmtuQuality: 5.5-75mm lump. Manganese base 44%, range 42-48%; iron base 5%, max 16%; silica base 10%, max 15%; phosphorus base 0.10%, max 0.16%; alumina base 5%, max 14%; moisture base 4%, max 12%Quantity: Min 5,000 tonnesLocation: CIF Tianjin, China (normalized for any Chinese mainland sea port)Timing: Within nine weeksUnit: US$ per dry metric tonne unitPayment: Cash or LC on sightPublication: Friday 3pm, London
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 and Tina Tong by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Jon Stibbs and Tina Tong re: manganese ore.”
To see all Fastmarkets’ pricing methodology and specification documents go to https://www.fastmarkets.com/about-us/methodology