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The differential, dated October 31, is based on the simple mathematical average of the Fastmarkets’ high-grade iron ore silica value-in-use (MB-IRO-0192) as the sole input for the October 3-31 period inclusive, and is effective for use on and after November 3.
The one-time differential is $(0.21) per tonne.
It is intended to represent Fastmarkets’ reasonable assessment of the impact on the forward curve of the change to the spot price as a result of the iron ore 65% Fe Brazil-origin fines, cfr Qingdao, $/tonne (MB-IRO-0009) specification change.
Any one-off adjustment figure would be intended to represent Fastmarkets’ reasonable assessment of the impact on the forward curve of the change to the spot price as a result of the Iron ore 65% Fe Brazil-origin fines, cfr Qingdao, $/tonne (MB-IRO-0009) specification change.
Fastmarkets accepts no responsibility or liability for any use of the one-off price adjustment figure, whether as a basis for, or a one-off monetary adjustment to, the value of the open interest, or for settlement of exchange-traded derivatives, over-the-counter derivatives, or for any other reason. Any decision to use the one-off price adjustment figure for any reason would rest with the parties to that contract.
Fastmarkets first informed of its intention to publish a one-time differential on October 3.
To provide feedback on this index, or if you would like to provide price information by becoming a data submitter to this index, please contact pricing@fastmarkets.com andsteelrawmaterials@fastmarkets.com. Please add the subject heading “FAO: Norman Fong/Alice Li/Zheng Shuyi/Paul Lim re: 65% Fe iron ore index.”
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.