Fastmarkets’ indices for manganese ore 37% Mn, cif Tianjin, manganese ore 37% Mn, fob Port Elizabeth and manganese ore base 37% Mn, range 35-39% fot Tianjin China track the spot prices of semi-carbonate manganese ore lump in the seaborne CIF China market, in the seaborne FOB South Africa market and in the Chinese port-side market respectively, with manganese content and other chemical specifications set to match the prevailing brands.
Fastmarkets proposes to lower the manganese base in each index to 36.5% from 37% and to change the range of manganese content to 35-38% from 35-39%. It also proposes to change the iron content from max 10% to the range 3-10%. It further proposes to lower the phosphorus base to 0.02% from 0.025% and to lower the phosphorus max to 0.05% from 0.16%, as well as to lower the alumina max to 1.5% from 2%. The moisture base will be lowered to 2% from 4%, according to the proposal.
Fastmarkets is also proposing to change the names of the three indices to “manganese ore semi carbonate index, 36.5% Mn” from “Manganese ore index, 37% Mn.”
All other parts of the specifications remain unchanged.
This proposal follows initial feedback from market participants and adjusts Fastmarkets specifications in line with the current market, amid changes in the manganese content of commonly traded ores.
The proposed new specifications and names are as follows:
MB-MNO-0003 Manganese ore semi carbonate index, 36.5% Mn, cif Tianjin, $/dmtu
Quality: 5.5-75mm lump. Manganese base 36.5%, range 35-38%; iron base 5%, range 3-10%; silica base 5.5%, max 12%; phosphorus base 0.02% max 0.05%; alumina base 0.2%, max 1.5%; moisture base 2%, max 12%
Quantity: Min 5,000 tonnes
Location: cif Tianjin (other mainland seaports normalized)
Timing: Within nine weeks
Unit: US$ per dry metric tonne unit
Payment terms: Cash or LC on sight
Publication: Friday, 3pm London
MB-MNO-0002 Manganese ore semi carbonate index, 36.5% Mn, fob Port Elizabeth, $/dmtu
Quality: 5.5-75mm lump. Manganese base 36.5%, range 35-38%; iron base 5%, range 3-10%; silica base 5.5%, max 12%; phosphorus base 0.02% max 0.05%; alumina base 0.2%, max 1.5%; moisture base 2%, max 12%
Quantity: Min 5,000 tonnes
Location: fob Port Elizabeth (South Africa)
Timing: Within nine weeks
Unit: US$ per dry metric tonne unit
Payment terms: Cash or LC on sight
Publication: Friday, 3pm London
MB-MNO-0004 Manganese ore semi carbonate port index, 36.5% Mn, fot Tianjin China, yuan/dmtu
Quality: 5.5-75mm lump. Manganese base 36.5%, range 35-38%; iron base 5%, range 3-10%; silica base 5.5%, max 12%; phosphorus base 0.02% max 0.05%; alumina base 0.2%, max 1.5%; moisture base 2%, max 12%
Quantity: Min 1,000 tonnes
Location: fot Tianjin (other mainland China seaports normalized)
Timing: Immediate
Unit: Yuan 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 five-week open consultation begins on Tuesday April 23, 2024 and will close on Monday May 27, 2024. The amendment, subject to market feedback, will be implemented on Friday May 31.
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: 37% Mn manganese ore 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.
