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.
