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Following initial research and consultancy with market participants, Fastmarkets understands that there are differences in delivery costs due to the distance between refineries or warehouses where cargoes are stored and their destinations, which may in turn add to the fluctuations of the weekly price assessment. Such fluctuations may lead to misunderstandings among market participants toward the market’s direction.
In addition, by pricing on an in-warehouse basis, market participants are able to have a direct idea of where the market is without having to take other factors, such as logistics fees, into consideration.
The full specification with proposed amendment on price basis (in bold) as below: Assessment: Silico-manganese min 65% Mn max 17% Si, in-warehouse duty paid China yuan/tonne Basis: in-warehouse China duty paid Unit: yuan/tonne, all Mn grades normalized to 65% basis on pro rata basis Min lot size: 100 tonnes Payment terms: cash, other terms normalized Quality: Mn: 65-72%; Si: 17%; C: 1.8% max; P: 0.25% max; S: 0.04% max Form: lump Publication: weekly, Friday between 2pm and 3pm London time
The consultation period for this proposed amendment will end one month from the date of this pricing notice, on February 22, with changes taking place from March 22.
To provide feedback on for proposed amendment for Chinese silico-manganese price specifications or if you would like to provide price information by becoming a data submitter to this price, please contact Karen Ng by email at: pricing@fastmarkets.com. Please add the subject heading FAO: Karen Ng, re: Chinese silico-manganese price
To see all Fastmarkets’ pricing methodology and specification documents go to https://www.metalbulletin.com/prices/pricing-methodology.html