october 2020 - smm
TRANSCRIPT
MMi Iron Ore Review
October 2020
MMi Iron Ore Review
Contents
• Port Prices ____________________________________________________________ Page 1
Iron Ore Port Price Index ___________________________________________________________ Page 1
Port Price Differentials to Qingdao Port for PB Fines ______________________________________ Page 1
Iron Ore Port Price Index Brand And Port Makeup _______________________________________ Page 2
Iron Ore Port Price Index Compilation Volume __________________________________________ Page 2
Iron Ore Port Price Index Compilation _________________________________________________ Page 2
62% Fe and 65% Fe Port Price Index Normalisation Differentials (monthly averages) ____________ Page 3
58% Fe Port Price Index Normalisation Differentials (monthly averages) ______________________ Page 3
Key Port Brand Price Assessments Versus Index (monthly averages) ________________________ Page 3
Iron Ore Port Brand Price Assessments ________________________________________________ Page 4
Key Port Brand Price Assessments and Traded Prices _____________________________________ Page 4
• Seaborne Prices ________________________________________________________ Page 5
Iron Ore Seaborne Price Index _______________________________________________________ Page 5
Iron Ore Seaborne Price Index Compilation ____________________________________________ Page 5
Seaborne Price Index Normalisation Differentials (monthly averages) ________________________ Page 6
Key Seaborne Brand Price Assessments Versus 62% Fe or 65% Fe Price Index _________________ Page 6
Iron Ore Seaborne Brand Price Assessments ____________________________________________ Page 7
Key Seaborne Brand Price Assessments and Traded Prices ________________________________ Page 7
• Iron Ore Port And Seaborne Price Index Comparisons _________________________ Page 7
• Index Specifications and Tickers ___________________________________________ Page 8
Iron Ore Review—October Edition
www.mmiprices.com Page 1/8
IRON ORE PORT PRICE INDEX MONTHLY AVERAGES
MMi Iron Ore Index Review
Index Fe Content Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 YTD 2020
IOPI62 62% Fe Fines 665 683 706 655 667 668 720 807 844 948 946 892 787
IOPI58 58% Fe Fines 567 592 600 563 577 580 638 730 758 838 870 828 700
IOPI65 65% Fe Fines 723 764 808 797 798 804 847 943 948 992 998 982 893
IOPI62 62% Fe Fines 94.29 87.30 89.84 94.23 86.23 87.61 87.15 93.74 112.05 127.65 129.64 123.88 104.94
IOPI58 58% Fe Fines 83.57 74.67 78.18 80.46 74.33 76.20 75.96 83.60 101.29 113.63 120.14 115.94 93.93
IOPI65 65% Fe Fines 99.32 95.29 100.90 108.54 105.84 105.60 105.61 110.98 126.22 133.70 136.85 136.68 119.52
FOT Qingdao (inc. VAT ¹), RMB/wet tonne
CFR Qingdao Equivalent (exc. VAT¹), USD/dry tonne
Index Fe Content Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 YTD 2020
IOPLI62 62.5% Fe Lump 829 794 825 868 834 868 832 832 875 932 959 919 879
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 YTD 2020
IOPLI62 62.5% Fe Lump 101.74 97.89 102.01 108.99 106.19 110.46 104.89 104.46 111.35 120.08 125.87 121.97 112.4
FOT Qingdao (inc. VAT ¹), RMB/wet tonne
CFR Qingdao Equivalent (exc. VAT¹), USD/dry tonne
400
500
600
700
800
900
1000
1100
RM
B/w
et
ton
ne
FOT Qingdao Fines (inc. VAT¹)
IOPI62 62% Fe Fines IOPI58 58% Fe Fines IOPI65 65% Fe Fines
¹VAT=13%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
RMB/
dmtu
62.5% Fe Lump Premium
PORT PRICE DIFFERENTIALS TO QINGDAO PORT FOR PB FINES
P o rt P o rt P o rt P o rt
Bayuquan Fangcheng Lanshan Rizhao
Beilun Jiangyin Lianyungang Shekou
Caofeidian Jingtang Majishan Taicang
Dalian Lanqiao Qingdao Tianjin0.00
0.00
0.00
0.00
0.00
-50.00
-2.50
-2.50
-47.50
P o rt Sto ck P rice D if ferentials to Qingdao P o rt fo r P B F ines (R M B / wet to nne) - Octo ber 2020 A verage values
0.00
0.00
-20.00
-10.00
-5.00
-20.00
-2.50
COPYRIGHT METALS MARKET INDEX, ALL RIGHTS RESERVED
October 2020
400
500
600
700
800
900
1000
RM
B/w
et
ton
ne
FOT Qingdao Lump (inc. VAT¹)
IOPLI62 62.5% Fe Lump
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Spreads (premiums/discounts) of port indices
IOPI58 % Spread to IOPI62 (monthly average)
IOPI65 % Spread to IOPI62 (monthly average)
COPYRIGHT METALS MARKET INDEX, ALL RIGHTS RESERVED
www.mmiprices.com Page 2/8
MMi Iron Ore Index Review
IRON ORE PORT PRICE INDEX COMPILATION
IRON ORE PORT PRICE INDEX COMPILATION VOLUME
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
TON
NES
Series1 Series2
IRON ORE PORT PRICE INDEX BRAND AND PORT MAKEUP—LAST 12 MONTHS
BRBF0%
Carajas Fines8%
FMG Blended Fines14%
Jimblebar Blended Fines
7%
Mac Fines4%Newman
Fines6%
Other3%
PB Fines36%
SSF17%
Yandi Fines5%
Other1%
Jiangyin1%
Lanshan2%
Lanqiao2%
Lianyungang7%
Tianjin11%
Rizhao
13%
Jingtan19%
Qingdao20%
Caofeidian24%
500
550
600
650
700
750
800
850
900
950
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
RM
B/w
et
ton
ne
58% Fe Index vs Normalised 58% Fe Port Trades
58% Fe Index Normalised 58% Fe Trades
550
600
650
700
750
800
850
900
950
1000
1050
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
RM
B/w
et
ton
ne
62% Fe Index vs Normalised 62% Fe Port Trades
62% Fe Index Normalised 62% Fe Trades
October 2020
COPYRIGHT METALS MARKET INDEX, ALL RIGHTS RESERVED
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MMi Iron Ore Index Review
58% FE PORT PRICE INDEX NORMALISATION DIFFERENTIALS (MONTHLY AVERAGES)
0
2
4
6
8
10
12
14
Fe Differential RMB/wet tonne
0
10
20
30
40
50
60
Alumina Differentials RMB/wet tonne
1% Alumina differential (low grade, Al <2.25%)
1% Alumina differential (low grade, Al 2.25-4%)
0
10
20
30
40
50
60
Silica Differential RMB/wet tonne
Steel mills remain less concerned about productivity and continue to
concentrate on managing their costs on the back of slowly improving
profit margins. Buyers of low-grade iron ore continue to look towards
its chemical properties when making purchasing decisions, though
FMG Blended fines and SSF pricing relative to 58% Fe indices remain
strong.
Spreads between high-grade and low-grade iron ore rose as 65% Fe
iron ore declined at a slower rather then 62% Fe. Low-grade iron ore
has continued to fall but the spread between 58% and 62% has
narrowed.
New policies in the winter heating season are likely to be implement-
ed in November, which will boost port stocks and increase mill
preference for high quality iron ore.
However, the gradual enforcement of likely production restriction
policies later in November will limit increases in blast furnace oper-
ating rates. Therefore, when coupled with the expected seasonal
decline in pig iron output, demand for iron ore from steel mills may
gradually weaken.
0
5
10
15
20
25
Fe Differentials RMB/wet tonne
1% Fe differential (high grade, Fe 60-63%) 1% Fe differential (high grade, Fe 63-64%)
0
10
20
30
40
50
60
Alumina Differentials RMBT/wet tonne
1% Alumina differential (high grade, Al <2.25%)
1% Alumina differential (high grade, Al 2.25-4%)
0
5
10
15
20
25
30
35
40
Silica Differentials RMB/wet tonne
1% Silica differential (high grade, Si <4%) 1% Silica differential (high grade, Si 4-6.5%)
0
2
4
6
8
10
12
14
16
Phosphorus Differentials RMB/wet tonne
0.01% Phosphorus differential (high grade, 0.09%<P<0.115%)
The price of domestic iron ore concentrates rose initially and then
fell in October, and the price index fell 1% from the previous month.
The completion of restocking in the middle of the month and de-
mand concerns following the release of the autumn and winter
production restriction policies, which may be stricter than last year,
weighed on domestic concentrates prices.
Shanghai Metals Market (SMM) remains bearish on domestic con-
centrates prices in November amid weakening domestic, but tight
supply across Hebei, Shanxi, south-west China may provide some
support to prices.
As of October 30, iron ore stocks across 35 ports tracked by SMM
totalled 121.11 million mt, an increase of 11.16 million mt from the
end of the previous month. This marked nine consecutive weeks of
growth since the end of August. Environmental protection measures
affected production at steel mills in Tangshan in October. Some
ports were temporarily closed, but this had limited impact on total
deliveries from ports. The increase of port stocks is expected to
expand in November amid the implementation of output controls at
steel mills in the winter heating season
Iron ore futures prices are expected to rise in November due to low
inventory at steel mills and the slight improvement of profits of steel
mills, but increasing supply pressure may cap the upside room
62% FE AND 65% FE PORT PRICE INDEX NORMALISATION DIFFERENTIALS (MONTHLY AVERAGES)
KEY PORT BRAND PRICE ASSESSMENTS VERSUS INDEX (MONTHLY AVERAGES)
96.0%
96.2%
96.4%
96.6%
96.8%
97.0%
97.2%
97.4%
97.6%
97.8%
PB Fines vs 62% Fe Index
98.5%
99.0%
99.5%
100.0%
100.5%
101.0%
101.5%
Newman Fines vs 62% Fe Index
95%
100%
105%
110%
115%
120%
125%
Carajas Fines vs 62% Fe Index
96%
98%
100%
102%
104%
106%
108%
BRBF vs 62% Fe Index
84%
86%
88%
90%
92%
94%
96%
98%
SSF vs 58% Fe Index
95.0%
96.0%
97.0%
98.0%
99.0%
100.0%
101.0%
102.0%
FMG Blended Fines vs 58% Fe Index
0
1
2
3
4
5
6
Phosphorus Differential RMB/wet tonne
October 2020
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MMi Iron Ore Index Review
KEY PORT BRAND PRICE ASSESSMENTS AND TRADED PRICES
500
550
600
650
700
750
800
850
900
950
1000
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
PB Fines Brand Price vs PB Fines Trades Adjusted for Port
PB Fines Brand PB Fines trades adjusted for port
500
600
700
800
900
1000
1100
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
Newman Fines Brand Price vs Newman Fines Trades
Newman Fines Brand Newman Fines Trades
650
700
750
800
850
900
950
1000
1050
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
Carajas Fines Brand Price vs Carajas Fines Trades
Carajas Fines Brand Carajas Fines Trades
350
450
550
650
750
850
950
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
JMBF Brand Price vs JMBF Trades
JMBF Brand JMBF Trades
450
500
550
600
650
700
750
800
850
900
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
SSF Brand Price vs SSF Trades
SSF Brand SSF Trades
450
500
550
600
650
700
750
800
850
900
950
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
FMG Blended Fines Brand Price vs FMG BLended Fines Trades
FMG Brand FMG Blended Trades
IRON ORE PORT BRAND PRICE ASSESSMENTS MONTHLY AVERAGES
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 YTD 2020
699 644 664 686 631 650 652 697 821 917 922 873 764
726 670 687 714 660 667 666 719 844 951 947 893 788
705 633 657 671 628 645 639 688 808 905 915 877 755
631 571 606 618 555 596 593 639 755 838 863 841 701
760 728 772 816 802 798 804 848 948 988 998 981 894
722 672 702 745 684 685 687 748 855 941 959 914 807
593 539 556 567 523 534 530 570 672 763 834 793 643
640 575 599 606 560 569 568 624 743 829 867 826 691
612 553 570 596 576 593 594 610 722 803 874 833 691
FOT Qingdao (inc VAT ¹ ), RMB/wet tonne
Brand
PB Fines
Newman Fines
MAC Fines
Jimblebar Blended Fines
Carajas Fines
Brazilian Blend Fines
SSF
FMG Blended Fines
Yandi Fines
¹VAT=13%
October 2020
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MMi Iron Ore Index Review
IRON ORE SEABORNE PRICE INDEX COMPILATION—LAST 12 MONTHS
IRON ORE SEABORNE PRICE INDEX MONTHLY AVERAGES
Index Fe Content Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 YTD 2020
IOSI62 62% Fe Fines 85.83 92.64 93.85 87.46 88.60 83.89 92.47 103.49 108.23 124.02 126.26 122.16 103.30
IOSI65 65% Fe Fines 96.49 104.14 107.56 102.94 105.31 100.97 110.12 117.06 121.21 132.95 138.39 133.94 117.26
CFR Qingdao, USD/dry tonne
60
70
80
90
100
110
120
130
140
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
USD
/dry
to
nn
e
Index Bid/Offer (normalised) Floating (normalised) Fixed (normalised)
IRON ORE SEABORNE PRICE INDEX COMPILATION
0%
5%
10%
15%
20%
25%
IOSI65 % Spread to IOSI62
60
70
80
90
100
110
120
130
140
150
USD
/dry
to
nn
e
CFR Qingdao
IOSI62 62% Fe Fines IOSI65 65% Fe Fines
Fixed77%
Floating8%
Bid/Offer15%
Seaborne Index Compilation Weighted Volume
Fixed17%
Floating23%Bid/Offer
60%
Seaborne Index Compilation Raw Volume Collected
October 2020
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MMi Iron Ore Index Review
IRON ORE SEABORNE PRICE INDEX COMPILATION—LAST 12 MONTHS
0 100 200 300 400 500 600 700 800
PB Fines
Carjas Fines
Brailian Blend Fines
Newman Fines
Mac Fines
Jimblebar Blended Fines
Other
Key Seaborne Index Brand Volumes
Fixed Floating Bid/Offer
- 5,000,000 10,000,000 15,000,000 20,000,000
PB Fines
Carjas Fines
Brailian Blend Fines
Newman Fines
Mac Fines
Jimblebar Blended Fines
Other
Key Seaborne Index Weighted Brand Volumes
Fixed Floating Bid/Offer
97.0%
97.5%
98.0%
98.5%
99.0%
99.5%
100.0%
PB Fines vs 62% Fe Index
97.0%
97.5%
98.0%
98.5%
99.0%
99.5%
100.0%
100.5%
101.0%
101.5%
102.0%
Newman Fines vs 62% Fe Index
91.5%
92.0%
92.5%
93.0%
93.5%
94.0%
94.5%
95.0%
95.5%
96.0%
96.5%
MAC Fines vs 62% Fe Index
KEY SEABORNE BRAND PRICE ASSESSMENTS VERSUS 62% FE or 65% FE PRICE INDEX
SEABORNE PRICE INDEX NORMALISATION DIFFERENTIALS (MONTHLY AVERAGES)
Spot and futures prices of iron ore rose before falling in
October. Restocking after the National Day holidays lifted
iron ore prices, but negative macro data weighed on prices
in the second half of the month. Iron ore fundamentals
may continue to weaken in November.
On the supply side, the weekly average outbound volume
of iron ore from Australia remained around 16.09 million
mt in recent two weeks, while that from Brazil in the past
six weeks remained at about 7.68 million mt, which are still
at a relatively high level.
SMM predicts that steel mills will continue to report low
profits in November as "seasonal" weakening of steel
prices may be inevitable. Steel demand is expected to
weaken after winter arrives in north and north-east China.
As the positive effect of falling iron ore prices may be offset
by rising coke and steel scrap prices, costs of steel mills will
remain high
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
FE Differentials USD/dry tonne
1% Fe differential (high grade, Fe 60-63%)
1% Fe differential (high grade, Fe 63-64%)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Alumina Differentials USD/dry tonne
1% Alumina differential (high grade, Al <2.25%)
1% Alumina differential (high grade, Al 2.25-4%)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Silica Differentials USD/dry tonne
1% Silica differential (high grade, Si <4%)
1% Silica differential (high grade, Si 4-6.5%)
0.0
0.5
1.0
1.5
2.0
2.5
Phos Differentials USD/dry tonne
0.01% Phosphorus differential (high grade, 0.09%<P<0.115%)
0.01% Phosphorus differential (high grade, 0.115%<P<0.15%)
78.0%
80.0%
82.0%
84.0%
86.0%
88.0%
90.0%
92.0%
94.0%
JMBF vs 62% Fe Index
95.0%
96.0%
97.0%
98.0%
99.0%
100.0%
101.0%
102.0%
103.0%
104.0%
105.0%
BRBF vs 62% Fe Index
98.0%
98.5%
99.0%
99.5%
100.0%
100.5%
Carajas Fines vs 65% Fe Index
October 2020
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MMi Iron Ore Index Review
60
70
80
90
100
110
120
130
140
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
USD
/dry
to
nn
e
PB Fines Price vs PB Fines Trades
PB Fines Brand PB Fines Bid/Offer PB Fines Floating PB Fines Fixed
IRON ORE SEABORNE BRAND PRICE ASSESSMENTS
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 YTD 2020
92.25 89.79 84.49 91.56 82.25 88.65 87.98 83.40 107.05 121.19 122.46 118.79 101.68
93.97 91.13 85.95 93.38 95.19 88.47 89.79 85.18 108.02 122.56 123.83 119.71 103.31
90.29 88.50 81.11 88.68 88.90 81.82 83.14 78.92 103.55 116.50 117.75 114.79 97.45
80.58 80.72 73.07 79.01 78.90 72.80 75.42 71.36 98.98 112.93 113.42 111.58 90.92
99.21 97.48 96.34 103.78 107.36 102.65 105.33 100.01 121.32 133.46 138.29 133.56 117.08
92.87 91.01 85.85 92.92 95.65 89.60 91.40 87.19 109.38 122.64 124.34 120.04 104.31
Jimblebar Blended Fines
Carajas Fines
Brazilian Blend Fines
PB Fines
Selected Iron Ore Seaborne Brand Averages, USD/dry tonne
Brand
Newman Fines
MAC Fines
KEY SEABORNE BRAND PRICE ASSESSMENTS AND TRADED PRICES
60
70
80
90
100
110
120
130
140
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
USD
/dry
to
nn
e
BRBF Price vs BRBF Fines Trades
BRBF Brand BRBF Bid/Offer BRBF Floating BRBF Fixed
60
70
80
90
100
110
120
130
140
150
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
USD
/dry
to
nn
e
Carajas Fines Price vs Carjas Fines Trades
Carajas Brand Carajas Bid/Offer Carajas Floating Carajas Fixed
60
70
80
90
100
110
120
130
140
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
USD
/dry
to
nn
e
Newman Fines Price vs Newman Fines Trades
Newman Fines Brand Newman Fines Bid/Offer Newman Fines Floating Newman Fines Fixed
Correlations to PB Fines Brand Assessment
PB Fines Bid/Offer 99.05%
PB Fines Floating trades 97.88%
PB Fines Fixed trades 98.88%
Correlations to BRBF Brand Assessment
BRBF Bid/Offer 99.21%
BRBF Floating trades 98.64%
BRBF Fixed trades 99.43%
Correlations to Newman Fines Brand Assessment
Newman Fines Bid/Offer 99.50%
Newman Fines Floating trades 99.35%
Newman Fines Fixed trades 98.86%
Correlations to Carajas Fines Brand Assessment
Carajas Fines Bid/Offer 97.23%
Carajas Fines Floating trades 98.41%
Carajas Fines Fixed trades 98.21%
IRON ORE PORT AND SEABORNE PRICE INDEX COMPARISONS
-8
-6
-4
-2
0
2
4
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
USD
/dry
to
nn
e
Port vs Seaborne Spreads
IOSI62 Spread to IOPI62 Equivalent IOSI65 Spread to IOPI65 Equivalent
40
60
80
100
120
140
160
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
USD
/dry
to
nn
e
MMi Iron Ore Indices
Port 62% Fe Fines (CFR Qingdao Equivalent) Port 65% Fe Fines (CFR Qingdao Equivalent) Port 58% Fe Fines (CFR Qingdao Equivalent)
Seaborne IOSI62 62% Fe Fines (CFR Qingdao) Seaborne IOSI65 65% Fe Fines (CFR Qingdao)
October 2020
IRON ORE INDEX SPECIFICATIONS AND COMPILATION RATIONALE
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65% Fe Fines 62% Fe Fines 58% Fe Fines 62.5% Fe Lump
Fe % 65.00 62.00 58.00 62.50
Alumina % 1.40 2.25 2.25 1.50
Silica% 1.50 4.00 5.50 3.50
Phosphorus % 0.06 0.09 0.05 0.08
Sulphur % 0.01 0.02 0.02 0.02
Moisture % 8.00 8.00 9.00 4.00
SizingSize below 6.3mm max 15%
Size above 31.15mm max 25%
Pricing Point FOT Qingdao Port
Timing (Seaborne) Delivery within 2 weeks
Payment Terms L/C at sight or CAD
Granular size below 10mm for at least 90% of cargo;
maximum of 40% below 150 micron
Qingdao Port (FOT and CFR respectively)
Iron Ore Index Specifications (Port and Seaborne)
Loading within 4 weeks, Delivery within 8 weeks
L/C at sight
MMi Iron Ore Index Review
IOSI62
IOSI65
SEABORNE INDICES
CFR Qingdao (USD/DMT)
IRCN0034
IRCN0035
IOPI62
IOPI58
IOPI65
IOPLI62 IRCN0037
FOT Qingdao (RMB/wet tonne)
IRCNQ001
IRCNQ002
IRCNQ003
IRCN0036
CFR Qingdao Equivalent (USD/dry tonne)
IRCNQ004
IRCNQ005
IRCNQ006
PORT STOCK INDICES
PORT STOCK BRANDS SEABORNE BRANDS
Fe Alumina Silica Phos Moisture
Roy Hill 60.70% 2.30% 4.90% 0.055% 8.00%
SIMEC Fines 60.00% 2.30% 6.30% 0.060% 6.00%
PB Fines 62% 62.00% 2.60% 4.30% 0.090% 9.50%
Newman Fines 62.30% 2.40% 4.40% 0.090% 8.00%
MAC Fines 60.80% 2.35% 4.70% 0.080% 7.80%
Jimblebar Blended Fines 60.50% 3.00% 4.50% 0.120% 8.00%
Carajas Fines 65.10% 1.50% 1.70% 0.080% 8.50%
Brazilian SSF 62.00% 1.00% 6.50% 0.040% 6.00%
Brazilian Blend Fines 63.00% 1.50% 5.00% 0.070% 7.00%
RTX Fines 61.00% 3.10% 4.50% 0.135% 7.50%
West Pilbara Fines 60.10% 2.30% 4.70% 0.075% 8.50%
Specifications applied for 62% brand assessments
AVERAGE IRON ORE BRAND SPECIFICATIONS FOR SEPTEMBER 2020
MMi iron ore indices are compiled from data provided by
companies that are part of the iron ore supply chain and
involved in spot market transactions. The indices are calculat-
ed using detailed transaction-level data submitted to MMi by
these companies. This data is normalised to the appropriate
specifications and screened to remove outliers before volume
-weighted average prices are calculated from the remaining
core set of data.
For more details on MMi's iron ore methodology please
download the guide published on our website at:
www.mmiprices.com
Index Compilation Rationale
Fe Alumina Silica Phos Moisture
Roy Hill 60.83% 2.31% 4.67% 0.056% 9.15%
SIMEC Fines 60.00% 2.30% 6.30% 0.060% 6.00%
PB Fines 61.66% 2.31% 3.88% 0.100% 9.55%
Newman Fines 62.39% 2.33% 4.06% 0.085% 7.85%
MAC Fines 60.53% 2.38% 4.53% 0.080% 8.11%
Jimblebar Blended Fines 60.82% 3.02% 4.49% 0.114% 7.52%
Carajas Fines 65.05% 1.22% 1.83% 0.067% 8.15%
Brazilian SSF 62.00% 1.00% 6.50% 0.040% 6.00%
Brazilian Blend Fines 63.19% 1.17% 4.78% 0.082% 7.65%
RTX Fines 61.00% 3.10% 4.50% 0.135% 7.50%
West Pilbara Fines 60.10% 2.30% 4.70% 0.075% 8.50%
62% Fe average brand specifications for Oct-20
Fe Alumina Silica Phos Moisture
SSF 56.49% 3.14% 6.27% 0.058% 9.34%
FMG Blended Fines 58.18% 2.55% 5.62% 0.054% 8.32%
Robe River 56.36% 3.17% 5.70% 0.039% 8.82%
Western Fines 57.88% 2.87% 7.50% 0.062% 7.45%
Atlas Fines 58.00% 1.85% 5.50% 0.090% 9.00%
Yandi 57.07% 1.60% 6.45% 0.042% 9.33%
58% Fe average brand specifications for Oct-20
October 2020