PRICING NOTICE: Update on proposal to amend specification of Metal Bulletin 62% Fe Iron Ore China Port Stocks Index

Following a two-month consultation period, Fastmarkets MB will implement the proposed specification changes to the Metal Bulletin 62% Fe Iron Ore China Port Stocks Index (MBIOI-CPS) to align with changes proposed to its seaborne 62% Fe iron ore index.

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

What to read next
Steel trading and production have come to a halt in the eastern Turkish region of Iskenderun following a devastating earthquake that hit the region on Monday February 6 and put mills in the area under force majeure, sources told Fastmarkets on Tuesday
Fastmarkets proposes to amend and realign its listed brands for alloy and standard grade cobalt to reflect new developments in the market and invites feedback on the following consultation.
Fastmarkets’ Shanghai-London arbitrage calculations for aluminium were published incorrectly on January 30-February 3 due to a formula error.
A 120-day closure of four Illinois dams scheduled for 2023 will disrupt barge shipments and have potentially both negative and positive impacts on scrap and finished steel products from Canada to Texas
BRUSSELS, Feb 2, 2023 (PPI Europe) - PRICING NOTICE: Consultation on proposal to discontinue Russian containerboard prices – final decision
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed