After a month-long consultation period, which was concluded on February 25 and was implemented from March 3, Fastmarkets has amended the payment terms to cash or letter of credit (LC) on sight, from cash or equivalent for its seaborne manganese ore indices.
The names of all three prices have also been brought into line with Fastmarkets’ standard naming convention.
The specifications are now as follows:
MB-MNO-0003 Manganese ore index, 37% Mn, cif Tianjin, $ per dmtu
Quality: 5.5-75mm lump. Manganese base 37%, range 35-39%; iron base 5%, max 10%; silica base 5.5%, max 12%; phosphorus base 0.025%, max 0.16%; alumina base 0.2%, max 2%; moisture base 4%, 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 index, 37% Mn, fob Port Elizabeth, $ per dmtu
Quality: 5.5-75mm lump. Manganese base 37%, range 35-39%; iron base 5%, max 10%; silica base 5.5%, max 12%; phosphorus base 0.025%, max 0.16%; alumina base 0.2%, max 2%; moisture base 4%, max 12%
Quantity: 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-0001 Manganese ore index, 44% Mn, cif Tianjin, $ per dmtu
Quality: 5.5-75mm lump. Manganese base 44%, range 42-48%; iron base 5%, max 16%; silica base 10%, max 15%; phosphorus base 0.10%, max 0.16%; alumina base 5%, max 14%; moisture base 4%, max 12%
Quantity: Min 5,000 tonnes
Location: CIF Tianjin, China (normalized for any Chinese mainland sea port)
Timing: Within nine weeks
Unit: US$ per dry metric tonne unit
Payment: Cash or LC on sight
Publication: Friday 3pm, London
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 Jon Stibbs and Tina Tong by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Jon Stibbs and Tina Tong re: manganese ore.”
To see all Fastmarkets’ pricing methodology and specification documents go to https://www.fastmarkets.com/about-us/methodology
