PRICING NOTICE: Extension of deadline to provide feedback on tungsten concentrates index

Metal Bulletin is extending the deadline to provide feedback on its proposed tungsten concentrates index to Friday January 19.

The extension will enable Metal Bulletin to respond to feedback received so far, and further consult with others in the market in light of this feedback.

Metal Bulletin will then launch its cif Europe tungsten concentrates index on Friday January 26.

The intention is to launch a tungsten concentrates index as a result of feedback received during last year’s wider consultation on tungsten pricing.

Metal Bulletin will engage its index methodology to take account of the wide variation in tungsten concentrates sold in the spot market. Different grades of tungsten concentrates will be normalised to a base specification, and a tonnage weighted average will be used to generate a single-figure reference price.

Metal Bulletin’s index methodology screens outliers and applies a quantity weighted model to ensure that its tungsten concentrates index will be the most robust in the industry.

Weighting is given to concluded trades, in preference to bids, offers, deals reported second hand, and assessments.

This approach has been applied with success to a number of complex markets in recent years, including copper concentrates, manganese ore and iron ore.

Metal Bulletin has no financial interest in the level or direction of the index.

The following base specifications for the tungsten concentrates index have been devised in consultation with those active in the spot market.

Tungsten concentrates index, cif Europe
Units: $/mtu
Base chemical specification: WO3: 65% min; Sn: 5% max; Fe: 3% max; SiO2: 3% max; S: 1.5% max; Pb: 1% max; Mo: 0.2% max; As: 0.15% max; Sb: 0.01% max; Cd: 0.005% max; Be: 200ppm max; U: 100ppm max; Th: 100pm max (other grades normalised)
Delivery: cif Rotterdam (other ports normalised)
Trade size: minimum 18 tonnes
Loading window: Loading within one month
Payment terms: Cash against documents
Publication: weekly on Fridays, between 2pm and 3pm London time

This is a base specification against which other grades of tungsten concentrates will be normalized using historic data.

It is understood that these specifications reflect the most common starting point for negotiations for spot purchases, and would be of greatest utility to those engaged in the spot market.

Metal Bulletin is seeking feedback on the base specifications outlined above and may further refine the specification before the launch of the index in January.

The final specifications will be published in a pricing notice on Tuesday January 23.

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 Charlotte Radford by email at: pricing@metalbulletin.com. Please add the subject heading FAO: Charlotte Radford, Tungsten Concentrates Index.

To see all Metal Bulletin’s pricing methodology and specification documents, please go to https://www.metalbulletin.com/prices/pricing-methodology.html.

What to read next
The publication of Fastmarkets’ AG-PLM-0019 refined bleached deodorised (RBD) palm olein, cfr South China assessment for Thursday July 24 was delayed due to a reporter error. Fastmarkets’ pricing database has been updated.
US export controls on recycled copper would have unintended consequences that could weaken the country’s domestic recycling and manufacturing ecosystems, the president of the Recycled Materials Association (ReMA) said.
Fastmarkets has launched a MB-STE-0935 Steel reinforcing bar (rebar), differential to shredded auto scrap Chicago, fob mill US, $/gross ton to complement its existing suite of steelmaking raw materials to finished product differentials on Wednesday July 23. This strategic launch is designed to offer the market a single reference price denoting the differential between steel […]
The following prices were affected:MB-BI-0001 bismuth 99.99% Bi min, in-whs Rotterdam, $ per lbMB-CD-0001 cadmium 99.95% min, cif global ports, cents per lbMB-CD-0002 cadmium 99.99% min, cif global ports, cents per lb. These prices are part of Fastmarkets’ minor metals package. For more information, or to provide feedback on the delayed publication of these prices, or if you […]
After a consultation period from June 20 to July 18, Fastmarkets made the decision to discontinue these assessments because the outright prices no longer reflect market conditions, with the market shifting toward payables as the dominant pricing method. The affected prices are:MB-NIO-0003 nickel mixed hydroxide precipitate outright price, cif China, Japan and South Korea, $ per tonneMB-NIO-0005 nickel […]
The publication of Fastmarkets’ MB-CO-0004 cobalt alloy grade, in-whs Rotterdam and MB-CO-0005 cobalt standard grade, in-whs Rotterdam assessments for Wednesday July 23 was delayed because of a system error. Fastmarkets’ pricing database has been updated.