Proposal to amend publication time of Fastmarkets’ iron ore 61% Fe fines, fot Qingdao indices: pricing notice

The proposed amendments will see the publication time of the two FOT Qingdao indices for MB-IRO-0011 iron ore 61% Fe fines, fot Qingdao, yuan/wet tonne, and MB-IRO-0022 iron ore 61% Fe fines, fot Qingdao, $/dmt conversion change from daily at 6:30pm Singapore time to daily at 6:30pm Shanghai time, as well as to be aligned with the Chinese pricing calendar, to ensure that they reflect the liquidity of China’s mainstream mid-grade fines spot market at ports more accurately.

The new publication time 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% 90% < 6.3mm, at least 90%
Quantity: Min 500 tonnes
Location: fot Qingdao, normalized for any Chinese mainland sea port
Timing: Within 2 weeks
Unit: CNY/wet metric tonne
Payment terms: Payment at sight, other terms normalized to base
Publication: Daily 6:30pm Shanghai time
Notes: All origins. Data history from January 2014

MB-IRO-0022 Iron ore 61% Fe fines, fot Qingdao, $/dmt 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% 90% < 6.3mm, at least 90%
Quantity: Min 500 tonnes
Location: fot Qingdao, normalized for any Chinese mainland sea port
Timing: Within 2 weeks
Unit: $/dry metric tonne conversion
Payment terms: Payment at sight, other terms normalized to base
Publication: Daily 6:30pm Shanghai time
Notes: All origins. Data history from January 2014

The consultation period for this proposed amendment starts from Thursday January 22 and will end on Thursday February 5. The amendment will then take place, subject to market feedback, on Monday February 9.

To provide feedback on this index, or if you would like to provide price information by becoming a data submitter to this index, please contact pricing@fastmarkets.com and steelrawmaterials@fastmarkets.com. Please add the subject heading “FAO: Adele, re: 61% Fe iron ore port 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 the Fastmarkets methodology page.