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: 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 discontinue its weekly price assessments for AG-UCO-0013 UCO, Chinese flexi-tank, CFR Antwerp, Rotterdam, Amsterdam, and AG-UCO-0012 UCO, Chinese bulk, CIF Antwerp, Rotterdam, Amsterdam.
Fastmarkets wishes to clarify the specifications for its European animal fats price assessments.
The publication of Fastmarkets’ ilmenite and rutile price assessments for Thursday June 6 were delayed due to an administrative error. Fastmarkets’ pricing database has been updated.
After assessing market feedback, Fastmarkets is extending the consultation period for its proposal to amend specifications of its MB-STE-0782 steel billet export, fob ports Iran and MB-STS-0019 steel slab export, fob ports Iran assessments.
Fastmarkets has corrected its MB-ALU-0002 alumina index, fob Australia, and its MB-ALU-0010 alumina inferred index, fob Brazil, which were published incorrectly on Wednesday June 5 due to a calculation error.
The publication of Fastmarkets’ assessments for the nickel briquette premium, delivered Midwest US and the nickel 4x4 cathode premium, delivered Midwest US for June 4 were delayed because of incorrect methodology application.