Fastmarkets proposes to raise frequency of normalization coefficient for daily iron ore indices: pricing notice

Under the proposed change, Fastmarkets will update the normalization coefficient for its Iron ore 61% Fe fines, cfr Qingdao and Iron ore 62% Fe fines, cfr Qingdao indices on a daily basis, allowing the coefficient to better reflect daily price movements. The normalization coefficient is currently updated on a monthly basis.

Fastmarkets had observed that brand prices can shift rapidly within a month and had received market requests for more timely coefficient updates to better reflect these price changes.

The change in coefficient frequency would apply to the following indices:

MB-IRO-0191 Iron ore 61% Fe fines, cfr Qingdao, $/dmt 

MB-IRO-0008 Iron ore 62% Fe fines, cfr Qingdao, $/dmt 

These prices are part of the Fastmarkets steelmaking raw materials package.

Please send any questions or comments by May 29 to pricing@fastmarkets.com and steelrawmaterials@fastmarkets.com.

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 the Fastmarkets methodology page.