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The Fe content will be tightened from a 65-66% Fe range to 65%. Transactions within a range of 60% Fe to 70% Fe will be taken into account for the assessment and normalised to 65% using prevailing market mechanisms.
The full specification for the assessment is as follows:
Price: US$ per dry metric tonne, cfr China
Fe content: Base 65%, Range 60% to 70%
Silica: Base 4.5%, Maximum 6.0%
Alumina: Base 0.4%, Maximum 0.8%
Phosphorus: Base 0.03%, Maximum 0.05%
Sulphur: Base 0.01%, Maximum 0.02%
Moisture: Base 2.0%, Maximum 3.0%
Compression strength: Base 220daN, Minimum 180daN
Trade size: Minimum 10,000 tonnes
Delivery port: Base Qingdao-Rizhao-Lianyungang, normalised for any Chinese mainland sea port
Delivery period: Within eight weeks
Payment terms: LC on sight
Publication: Friday at 3pm London time
Please provide comments by June 27 2012 to Vera Blei, Steel Editor at vblei@metalbulletin.com.