Given the prevailing specifications of mid-grade fines in the seaborne spot market, Fastmarkets proposes to launch the index to track and reflect the spot price of 60-63% Fe iron ore fines in the CFR Qingdao spot market, aligning with the latest quality of mid-grade fines commonly traded in the market.
The specifications would be as follows:
Iron ore 61% Fe fines, CFR Qingdao, $/tonne
Quality: Fe content base 61%, range 60-63%; silica base 4.3%, max 8%; alumina base 2.5%, max 4%; phosphorus base 0.11%, max 0.15%; sulfur base 0.02%, max 0.06%; moisture base 8%, 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 will be part of the Fastmarkets steelmaking raw materials package.
The consultation period for this proposed launch starts from May 5 and will end on May 30. The launch will take place, subject to market feedback, on June 2.
Fastmarkets’ index methodology screens outliers and applies a quantity-weighted model to ensure that the Iron ore 61% Fe fines, CFR Qingdao, $/tonne is the most robust in the industry. Fastmarkets has no financial interest in the level or direction of the index.
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: Zheng Shuyi, re: Iron Ore 61% 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.
