On July 25, a proposal was made to refine the MBIOI-CPS to provide a clearer reflection of the mid-grade market.
This entails including only data for products in the mid-grade bracket - those with Fe content of 60-63.5% - provided it also meets the other specification requirements for the index.
This is in line with the changes proposed to the Metal Bulletin 62% Fe Iron Ore Index for seaborne materials.
Feedback gathered from market participants on the proposal is in favor of the change.
As of Monday October 1, the full new specifications for the MBIOI-CPS shall be as follows:
Price: yuan per wet metric tonne, free on truck
Material origin: All
Fe content: Base 62%, range 60-63.50%
Silica: Base 3.50%, maximum 8.0%
Alumina: Base 2.0%, maximum 4.0%
Phosphorus: Base 0.10%, maximum 0.15%
Sulfur: Base 0.02%, maximum 0.06%
Moisture: Base 8%, maximum 10%
Granularity: Base size >90% <6.3mm, at least 90% <10mm, at most 40% <0.15mm
Trade size: Minimum 500 tonnes
Payment terms: Payment at sight, other terms normalized to base
Delivery port: Base Qingdao, normalized for any other Chinese mainland sea port
Delivery period: Within two weeks
Publication: Daily at 6.30pm Singapore time
If you would like to provide price information by becoming a data submitter to this price, please contact Peter Hannah by email at: pricing@metalbulletin.com. Please add the subject heading ‘FAO: Peter Hannah, re: MBIOI-CPS.’
To see all Metal Bulletin’s pricing methodology and specification documents go to: www.metalbulletin.com/prices/pricing-methodology