Proposal to amend Fastmarkets’ iron ore 62% Fe fines index name, specifications

Fastmarkets proposes to change the name and base specifications of its index for iron ore 62% Fe fines cfr Qingdao to more closely align with the specifications of prevailing mid-grade fines in the CFR China market.

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 the changes to the name and specifications of the index for iron ore 62% Fe fines, cfr Qingdao (MB-IRO-0008), including the Fe, silica, alumina, phosphorus, sulfur and moisture base specifications, to ensure both match the latest quality of mid-grade fines commonly traded in the market.

The index tracks the spot prices of 60-63.5% Fe iron ore fines in the CFR China spot market, with its base specifications set to match the prevailing quality of mid-grade fines.

The new specification would be as follows, with amendments in italics:

MB-IRO-0008Iron ore 61% Fe fines, cfr Qingdao,$/tonne
Quality: Fe content base 61%, range 60-63%; silica base 4.9%, max 8%; alumina base 2.6%, max 4%; phosphorus base 0.11%, max 0.15%; sulfur base 0.04%, max 0.06%; moisture base 8.5%, max 10%; granularity base size >90% < 6.3mm, at least 90% <10.0mm, at most 40%<0.15mm
Quantity: Min 30,000 tonnes
Location: cfr Qingdao, normalized for any Chinese mainland seaport
Timing: Within 2-8 weeks
Unit: USD/tonne
Payment terms: Payment at sight, other terms normalized to base
Publication: Daily at 6.30pm Singapore time
Notes: All origins

These prices are a part of the Fastmarkets steelmaking raw materials package.

The consultation period for this proposed amendment starts from April 24 and will end on May 28. The amendment will then take place, subject to market feedback, on June 2.

To provide feedback on the proposal, or if you would like to provide price information by becoming a data submitter to these prices, please email pricing@fastmarkets.com. Please add the subject heading “FAO: Alice Li, re: Iron Ore 62% Fe fines index”.

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets’ pricing methodology and specification documents go to https://www.fastmarkets.com/about-us/methodology.