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Following a month-long market consultation, the US and Brazilian pig iron prices have been amended to include the chemical compositions into the specifications to specify the phosphorous content of the pig iron, while payment terms and timings have been revised in line with current market conditions.
Amended specifications: Assessment: US pig iron imports $/tonne cfr Dimensions: Min size: standard size Quantity: 20,000-70,000 tonnes Location: cfr Gulf of Mexico Timing: Spot Unit: USD/tonne Payment terms: Payment upon delivery Phosphorous: Less than or equal to 0.1% Publication: Weekly. Friday, 2-3pm London time
Assessment: Brazil exports pig iron $ per tonne fob Ponta da Madeira Brazil Quantity: 20,000-70,000 tonnes Location: fob Brazil Timing: Spot Unit: USD/tonne Payment terms: Payment upon delivery Phosphorous: Less than or equal to 0.1% Publication: Weekly. Friday, 2-3 pm London time
Assessment: Brazil exports pig iron $ per tonne fob Vitória/Rio Brazil Quantity: 20,000-70,000 tonnes Location: fob Brazil Timing: Spot Unit: USD/tonne Payment terms: Payment upon delivery Phosphorous: More than 0.1% Publication: Weekly. Friday, 2-3 pm London time
All historical data relating to these assessments prior to the amendments will remain available in the pricing section of the Fastmarkets’ website.
Changes taking place, subject to market feedback, from Monday December 31.
Once the changes have been implemented, Fastmarkets will exclude prices of high-phosphorous pig iron from the import pig-iron market assessment in the US and in the export market assessment from Ponta da Madeira Brazil as well, which may cause a non-market upward adjustment.
Fastmarkets will specify the phosphorous content in the export market assessment from Vitória/Rio Brazil as well but this will not cause non-market price corrections
Fastmarkets has no financial interest in the level or direction of these price assessments.
To provide feedback on the assessments, or if you would like to provide price information by becoming a data submitter to the US and Brazilian pig iron assessments, please contact Marina Shulga by email at: pricing@metalbulletin.com. Please add the subject heading FAO: Marina Shulga, re US, Brazil pig iron prices.
To see all Fastmarkets’ pricing methodology and specification documents go to www.metalbulletin.com/prices/pricing-methodology