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After an extended consultation period, Fastmarkets has amended the Fe content, silica and phosphorus specifications of its MB-IRO-0013 index for iron ore 66% Fe concentrate, cfr Qingdao, $/tonne and increased the publication frequency from weekly to daily.
The previous specifications of this index were as follows:MB-IRO-0013: Iron ore 66% Fe concentrate, cfr Qingdao, $/tonneFe content: Base 66%, range 63%-70%Silica: Base 4.5%, max 9%Alumina: Base 0.5%, max 2%Phosphorus: Base 0.02%, max 0.06%Sulfur: Base 0.03%, max 0.10%Titanium: Base 0.05%, max 0.30%Moisture: Base 8.0%/DM, max 11.0%/DWPublication: Weekly. Friday at 6:30pm Singapore time
The amended specifications are as follows:MB-IRO-0013: Iron ore 65% Fe concentrate, cfr Qingdao, $/tonneFe content: Base 65%, range 63%-66%Silica: Base 6%, max 9%Alumina: Base 0.5%, max 2%Phosphorus: Base 0.02%, max 0.10%Sulfur: Base 0.03%, max 0.10%Titanium: Base 0.05%, max 0.30%Moisture: Base 8.0%/DM, max 11.0%/DWPublication: Daily at 6:30pm Singapore time
The changes of Fe content, silica and phosphorus specifications aim to more closely reflect iron ore concentrate products with iron content within the range of 63% to 66%, to which spot prices tend to show a stronger correlation in the CFR China spot market.
The changed frequency from weekly to daily follows feedback from market participants that a daily index tracking the price fluctuations during the week would be of value to the market.
All other index specification details outside of Fe content, silica and phosphorus and publication frequency remain unchanged.
The amendment to Fastmarkets’ iron ore 66% Fe concentrate index takes effect from Monday April 3, 2023.
Fastmarkets has also launched a standalone premium index for iron ore concentrate products on Monday April 3, 2023.
Iron ore concentrate products are commonly traded with a fixed premium or discount negotiated to the Fastmarkets 65% Fe Brazil-origin fines index.
The specifications for the new iron ore 65% Fe concentrate premium index are as follows:MB-IRO-0189: Iron ore 65% Fe concentrate premium, cfr Qingdao, $/tonneQuality: Fe content: Base 65%, range 63%-66%Silica: Base 6%, max 9%Alumina: Base 0.5%, max 2%Phosphorus: Base 0.02%, max 0.10%Sulfur: Base 0.03%, max 0.10%Titanium: Base 0.05%, max 0.30%Moisture: Base 8.0%/DM, max 11.0%/DWQuantity: Min 10,000 tonnesLocation: cfr Qingdao – normalized for any Chinese mainland seaportTiming: Delivery within 8 weeksUnit: USD/tonnePublication: Daily at 6:30pm Singapore timeNotes: All origins. Premium quoted on top of Fastmarkets 65% Fe Brazil-origin fines index
To provide feedback on the index, or if you would like to provide price information by becoming a data submitter to this price, please email pricing@fastmarkets.com with the subject heading “FAO: Jane Fan, re: Iron Ore Concentrate Index.”
To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/about-us/methodology.