Proposal to amend Fastmarkets’ iron ore 62% Fe port stock index name, specifications: pricing notice

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, fot Qingdao (MB-IRO-00011), and iron ore 62% Fe fines, fot Qingdao, $/tonne conversion (MB-IRO-00022), including the Fe, silica, alumina, phosphorus, and sulfur 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% 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 specifications would be as follows, with amendments in italics:

MB-IRO-0011 Iron ore 61% Fe fines, fot Qingdao, yuan/wet tonne
Quality: Fe content base 61%, range 60- 63%; silica base 4.3%, max 8%; alumina base 2.5%, max 4%; phosphorus base 0.095%, max 0.15%; sulfur base 0.02%, max 0.06%; moisture: base 8%, max 10%; granularity base size >90% < 6.3mm, at least 90% <0.15mm
Quantity: Min 500 tonnes
Location: fot Qingdao, normalized for any Chinese mainland sea port
Timing: Within two weeks
Unit: CNY/wet metric tonne
Payment terms: Payment at sight, other terms normalized to base
Publication: Daily at 6.30pm Singapore time
Notes: All origins. Data history from January 2014.

MB-IRO-0022 Iron ore 61% Fe fines, fot Qingdao, yuan/wet tonne, $/tonne conversion
Quality: Fe content base 61%, range 60- 63%; silica base 4.3%, max 8%; alumina base 2.5%, max 4%; phosphorus base 0.095%, max 0.15%; sulfur base 0.02%, max 0.06%; moisture: base 8%, max 10%; granularity base size >90% < 6.3mm, at least 90% <0.15mm
Quantity: Min 500 tonnes
Location: fot Qingdao, normalized for any Chinese mainland sea port
Timing: Within two weeks
Unit: $/wet metric tonne conversion
Payment terms: Payment at sight, other terms normalized to base
Publication: Daily at 6.30pm Singapore time
Notes: All origins. Data history from January 2014.

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

The consultation period for this proposed amendment starts from Wednesday July 29 and will end on August 27. The amendment will then take place, subject to market feedback, on September 1.

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: Adele Pan, re: Iron Ore 62% Fe port stock 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.