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After a consultation period, Fastmarkets has launched this lump ore premium to track and reflect the spot price of 60-63% Fe iron ore lump over the spot price of 61% Fe iron ore fines in the CFR Qingdao spot market, aligning with the latest quality of mid-grade Australia iron ore fines and lumps commonly trade in the market.
The specifications of the new price will be as follows:
MB-IRO-0193 Iron ore 62% Australia-origin lump ore premium, cfr Qingdao, US cents/dry metric tonne unit (dmtu)Quality: Fe content base 62% Fe, range 61-65%; silica base 3.8%, max 5%; alumina base 1.7%, max 2%; phosphorus base 0.10%, max 0.10%; sulfur base 0.02%, max 0.04%; moisture base 4%, max 6.5%; granularity max 13.5% <6.3mm, max 25% >31.5mmQuantity: Min 30,000 tonnesLocation: CFR Qingdao, normalized for any Chinese mainland seaportTiming: Within 2-8 weeksUnit: US cents/dmtuPayment terms: Letters of Credit on sight, other terms normalized to basePublication: Daily at 6.30pm Singapore time
This price is a part of the Fastmarkets steelmaking raw materials package.
Fastmarkets’ index methodology screens outliers and applies a quantity-weighted model to ensure that the Iron ore 62% Australia-origin lump ore premium, cfr Qingdao, US cents/dry metric tonne unit (dmtu) is the most robust in the industry. Fastmarkets has no financial interest in the level or direction of the index.
To provide feedback on this index or if you would like to provide price information by becoming a data submitter to this index, please email pricing@fastmarkets.com and steelrawmaterials@fastmarkets.com. Please add the subject heading “FAO: Shuyi Zheng, re: Iron Ore 62% Fe Australia-origin lump premium.”
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.