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The rationale for the index for MB-IRO-0009 iron ore 65% Fe Brazil-origin fines, cfr Qingdao, on Tuesday had erroneously omitted the part about the fixed-price equivalent for a spot deal.
The rationale entry has been corrected as follows:Fastmarkets’ index for iron ore 65% Fe Brazil-origin fines, CFR Qingdao, fell by $0.80 per tonne from the previous day. The price movement was based on the visible market activity detailed below, which was included in the index calculation according to the published methodology. For the calculation of the 65% Fe index, judgement was applied to carry over data in today’s indices due to low liquidity in the 24-hour pricing window, corresponding with published fallback measures. In the calculation of 65% Fe index, judgement applied to discard indications that are at a considerable distance from consensus of other participants’ indications of tradeable level. Any data received under Data Submitter Agreements or subject to a confidentiality request will not be published.
Market participants’ indicationsFastmarkets’ index for iron ore 65% Fe Brazil-origin fines, CFR QingdaoIron Ore Carajas: $118.30-120.00 per tonne.
Trades/offers/bids heard in the marketSpot market, 203,950 tonnes of 65.18% Fe Iron Ore Carajas fines, traded at the September average of Fastmarkets’ 65% Fe fines index plus a premium of $1 per tonne (fixed price equivalent at $119.34 per tonne CFR China), bill of lading dated July 26.
The published price is unaffected by this error.
This price is part of the Fastmarkets steelmaking raw materials package.
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 these indices, please contact pricing@fastmarkets.com. Please add the subject heading “FAO Alice Li, re: iron ore 65% Fe price.”
Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.
To see all Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.