Following an assessment review, Metal Bulletin is proposing to define the specifications for its weekly cfr China Iron Ore Pellets assessment in more detail.
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 12 2012 to Vera Blei, Steel Editor at vblei@metalbulletin.com.