PRICING NOTICE: Update on proposal to amend specification of MB 65% Fe Iron Ore Index

Following a one-month consultation period, Fastmarkets MB will implement the proposed specification changes to the MB 65% Fe Iron Ore Index from Monday December 3.

The amendment was proposed to realign the base specification of the index with the prevailing quality of high-grade fines traded on the spot market, which would minimize the need for price normalization in the index-calculation process.

Feedback gathered from market participants has been supportive of the proposed changes because the amendments are also in line with longer-term expectations of product specifications in the high-grade fines segment. This will ensure the index remains more product-aligned in terms of quality further into the future.

As of December 3, the full new specifications for the MB 65% Fe Iron Ore Index are as follows:

Price: US$ per dry metric tonne, cfr China
Material origin: Brazil
Fe content: Base 65.0%, range 63.5-66%
Silica: Base 1.7%
Alumina: Base 1.5%
Phosphorus: Base 0.08%
Sulfur: Base 0.01%
Moisture: Base 9.0%
Granularity: >90%<10.0mm, <30%<0.15mm
Trade size: Minimum 30,000 tonnes
Payment terms: Payment at sight
Delivery port: Base Qingdao
Delivery period: Within 10 weeks
Publication: Daily at 6.30pm Singapore time
Data history: From August 2013

To provide feedback on this price or if you would like to provide price information by becoming a data submitter to this price, please contact Peter Hannah by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Peter Hannah, re: MBIOI-65-BZ.”

All of Fastmarkets MB’s pricing methodology and specification documents can be found here.

What to read next
Following an initial consultation with the market and a review of the typical data sets that have been collected over recent months, Fastmarkets is proposing changes to the specifications of the index for MB-IRO-0009 iron ore 65% Fe Brazil-origin fines, cfr Qingdao, by raising the silica base specification to 2.7% from 2.2%, as well as an […]
The corrections are as follows: AG-BRY-0004 Barley Feed barley FOB Argentina $/mt Incorrect prices: August $119.00 per tonne Corrected to: August $219.00 per tonne Fastmarkets’ pricing database has been updated to reflect this change. These prices are part of the Fastmarkets Ags Grains package. For more information or to provide feedback on this correction notice or […]
This price is a part of the Fastmarkets scrap package. For more information on our North America Ferrous Scrap methodology and specifications please click here. To get in touch about access to this price assessment, please contact customer.success@fastmarkets.com.
This consultation was done as an adhoc methodology review process, aiming to better reflect the physical market under indexation, considering its reduced liquidity linked to the combination of seasonal demand patterns and the implementation of cross-border import tariffs between the US and China. No feedback was received during the consultation period and therefore Fastmarkets will […]
Full details of the prices covered by this consultation can be found here: https://www.fastmarkets.com/insights/open-consultation-on-annual-methodology-review-for-global-pulp-pricing-notice/ During the consultation, Fastmarkets requested comments on whether current discount levels for US market pulp have grown too high and invited open-ended feedback on potential remedies moving forward. Feedback from the industry was mixed. Potential remedies suggested by the industry included […]
Fastmarkets has corrected the rationale for its MB-CO-0021 cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets’ standard-grade cobalt price (low-end), which was published incorrectly on Wednesday July 2 due to a reporter error.