Proposal to amend specifications of Fastmarkets’ manganese ore high grade indices

Fastmarkets’ MB-MNO-001 Manganese ore high grade index, cif Tianjin, $ per dmtu, and MB-MNO-0005 Manganese ore high grade port index, fot Tianjin, China, yuan per dmtu, track the spot prices of high-grade manganese ore in the seaborne CIF China market and Chinese portside market respectively, with manganese content and other chemical specifications set to match the prevailing brands.

Fastmarkets proposes to widen the manganese base to 42-44.5% from 43.5%, while keeping the overall range to 40-47%.

Fastmarkets also proposes to change the iron base to a range of 3.5-5.0% from 4.5%, the silica base to a range of 8.0-15.0% from 11%, the phosphorus base to a range of 0.07-0.11% from 0.10%, the alumina base to a range of 5.5-7.6% from 6.5%, and the moisture base to a range of 3.0-8.0% from 5.5%. The max levels will not change.

This proposal adjusts Fastmarkets’ specifications to bring them into line with the current market, amid frequent changes in the manganese content of commonly traded ores in recent months.

The proposed new specifications and names are as follows:

MB-MNO-0001 Manganese ore high-grade index, cif Tianjin, $ per dmtu
Quality: 5.5-75mm lump. Manganese base range 42-44.5%, Manganese accepted range 40-47%; Iron base range 3.5-5.0%, Iron accepted range 0.0-16.0%; Silica base range 8.0-15.0%, Silica accepted range 0.0-17.0%; Phosphorus base range 0.07-0.11%, Phosphorus accepted range 0.0-0.16%; Alumina base range 5.5-7.6%, Alumina accepted range 0.0-14.0%; Moisture base range 3.0-8.0%, Moisture accepted range 0.0-12.0%
Quantity: Min 5,000 tonnes
Location: CIF Tianjin, China (normalized for any Chinese mainland sea port)
Timing: Within nine weeks
Unit: USD per dry metric tonne unit
Payment terms: Cash or LC on sight
Publication: Friday 3pm, London.

MB-MNO-0005 Manganese ore high-grade port index, fot Tianjin, China, yuan per dmtu
Quality: 5.5-75mm lump. Manganese base range 42-44.5%, Manganese accepted range 40-47%; Iron base range 3.5-5.0%, Iron accepted range 0.0-16.0%; Silica base range 8.0-15.0%, Silica accepted range 0.0-17.0%; Phosphorus base range 0.07-0.11%, Phosphorus accepted range 0.0-0.16%; Alumina base range 5.5-7.6%, Alumina accepted range 0.0-14.0%; Moisture base range 3.0-8.0%, Moisture accepted range 0.0-12.0%
Quantity: Min 1,000 tonnes
Location: FOT Tianjin, China (normalized for any Chinese mainland sea port)
Timing: Immediate
Unit: CNY per dry metric tonne unit
Payment terms: Cash or equivalent
Publication: Friday 5-6pm, Shanghai time.

These prices are part of the Fastmarkets ores & alloys physical prices package.

This four-week open consultation begins on Friday June 28, 2024, and will close on Tuesday July 30, 2024. The amendment will be implemented as of Friday August 2.

The consultation seeks to ensure that our methodologies continue to reflect the physical market under indexation, in compliance with the International Organization of Securities Commissions (IOSCO) principles for Price Reporting Agencies (PRAs). This includes all elements of our pricing process, our price specifications and publication frequency.

To provide feedback on these indices, or if you would like to provide price information by becoming a data submitter to these indices, please contact Tina Tong or Holly Chant by email at pricing@fastmarkets.com. Please add the subject heading “FAO: Tina Tong/Holly Chant, re: Manganese ore high grade indices.”

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/methodology.