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
Fastmarkets proposes to amend the specifications of five of its steel products assessments and billet index originating from the Black Sea basin.
Fastmarkets launched a suite of CIF India aluminium scrap prices on Wednesday April 17.
Fastmarkets is inviting feedback from the industry on the methodology for its audited non-ferrous price assessments, as part of its announced annual methodology review process.
This consultation, which is open until May 16, 2024, seeks to ensure that our methodologies continue to reflect the physical graphic paper market, in compliance with the International Organization of Securities Commissions’ (IOSCO) Principles for Price Reporting Agencies (PRAs). This includes all elements of our pricing process, our price specifications and publication frequency. Fastmarkets FOEX […]
Fastmarkets launches MB-STE-0914 steel coil 55% Al-Zn coated steel import, South Korean-made, ddp Gulf Ports, and MB-STE-0915 steel coil 55% Al-Zn coated steel import, non-South Korean-made, ddp Gulf Ports on Tuesday April 16.
Fastmarkets will amend the frequency of its aluminium low-carbon differential P1020A, US Midwest and its aluminium low-carbon differential value-added product, US Midwest as of the assessment on Friday May 3.