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Metal Bulletin invites market participants to take part in a market consultation to refine the specifications of the three prices below.
Metal Bulletin has added the chemical compositions into the specifications, specifying the manganese content in the pig iron. Payment terms have been revised in line with current market conditions. In all specifications, a minimum order size is indicated, while the standard order size from Black Sea ports when producers ship material to the United States is 25,000-50,000 tonnes.
Current specification Assessment: CIS pig iron exports $/tonne fob Baltic Sea Dimensions: 10-15kg Quantity: Standard order size 5,000 tonnes Location: FOB Baltic Sea Timing: 4-6 weeks Unit: USD/tonne Payment terms: 80-100% pre-payment Publication: Weekly. Thursday, by 3pm London time Revised specification Assessment: CIS pig iron exports $/tonne fob Baltic Sea Dimensions: 10-15kg Quantity: Minimum 5,000 tonnes Location: FOB Baltic Sea Timing: 4-6 weeks Unit: USD/tonne Payment terms: Payment upon delivery Manganese: <0.09% Publication: Weekly. Thursday, by 3pm London time
Current specification Assessment: CIS pig iron export $/tonne fob Black Sea Dimensions: 10-18kg Quantity: Standard order size 5,000 tonnes Location: FOB Black Sea Timing: 4-6 weeks Unit: USD/tonne Payment terms: 20-50% prepayment, rest FCR or L/C Publication: Weekly. Thursday, by 3pm London time
Proposed specification Assessment: CIS pig iron export $/tonne fob Black Sea Dimensions: 10-18kg Quantity: Minimum 5,000 tonnes (standard order to US 25,000-50,000 tonnes) Location: FOB Black Sea Timing: 4-6 weeks Unit: USD/tonne Payment terms: Against FCR or B/L Manganese: >0.1% Publication: Weekly. Thursday, by 3pm London time
Current specification Assessment: EU pig iron imports $ per tonne cif Italy Dimensions: 10-15kg Quantity: Standard order size 5,000 Location: CIF Italy Timing: 4-8 weeks Unit: USD/tonne Publication: Weekly. Thursday, by 3pm London time Notes: Basic quality material
Proposed specification Assessment: EU pig iron imports $ per tonne cif Italy Dimensions: 10-15kg Quantity: Minimum 5,000 tonnes Location: CIF Italy Timing: 4-8 weeks Unit: USD/tonne Manganese: >0.1% Payment terms: against FCR or B/L Publication: Weekly. Thursday, by 3pm London time
The consultation period for these proposed amendments will end one month from the date of this pricing notice, on Friday May 11, with changes taking place, subject to market feedback, from Monday June 11.
To provide feedback on the amendments outlined above, or if you would like to provide price information by becoming a data submitter to the European pig iron assessments, please contact Marina Shulga by email at: pricing@metalbulletin.com. Please add the subject heading FAO: Marina Shulga, re: European pig iron prices.
To see all Metal Bulletin’s pricing methodology and specification documents go to https://www.metalbulletin.com/prices/pricing-methodology.html