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Index Rationale: Iron Ore December 10, 2019

62% Australian Fines Index

Mysteel assessed the SEADEX 62% Australian Fines Index at $93.00/dmt CFR Qingdao, down $0.80/dmt from Monday.

Three bids and nine offers were observed for a total volume of 1.65 million tonnes.

The volume of bids and offers ranged from 90,000 tonnes to 170,000 tonnes.

The bids and offers ranged from $92.41/dmt to $93.97/dmt, normalized for delivery timing and quality, with a mean average of $93.30/dmt.

The standard methodology applied today was based on 60% tradeable values, 20% bids and 20% offers.

One sample was excluded today as it was over two standard deviations away from the mean when considered with all data submitted today.

No expert judgement was applied today.


62% Fe Low Alumina Index

Mysteel assessed the SEADEX 62% Fe Low Alumina Index at $92.70/dmt CFR Qingdao, down $0.70/dmt from Monday.

170,000 tonnes of BRBF was heard at a premium of $1.30/dmt over January average index.

After the normalization for delivery timing and quality, the 62% Fe Low Alumina Index was assessed at $92.70/dmt.

The standard methodology applied today was mainly based on the heard transaction. No expert judgement was applied today.

62.5% Lump Premium Index

Mysteel assessed the 62.5% Lump Premium Index at $0.2605/dmtu CFR Qingdao, up $0.0005/dmtu from Monday.

90,000 tonnes of NBL was offered at a premium of $0.2690/dmtu, laycan 1-10 January 2020.

90,000 tonnes of NBL was bid at a premium of $0.2550/dmtu, laycan 1-10 January 2020.

The standard methodology applied today was based on the bid and offer of NBL and the spread with SGX’s swap. No expert judgement was applied today.

Fixed Brand Assessments

PBF (61.00% Fe)

Mysteel assessed 61% Fe PBF at $91.85/dmt CFR Qingdao, down $0.80/dmt from Monday.

One bid, five offers and a tradeable price of PBF were observed for a total volume of 1.19 million tonnes.

The volume of every bid, offer and the tradeable price of PBF was 170,000 tonnes.

The premium of tradeable value, the bid and the offers ranged from $1.30/dmt to $2.30/dmt.

Today the standard methodology applied was based on the tradeable value, the bid and the offers. No expert judgement was applied today.

NHGF (62.40% Fe)

Mysteel assessed 62.40% Fe NHGF at $93.50/dmt CFR Qingdao, down $0.60/dmt from Monday.

Two bids and four offers were observed for a total volume of 630,000 tonnes.

The volume of bids and offers ranged from 90,000 tonnes to 130,000 tonnes.

The assessment was determined utilizing the bid and offers. No expert judgement was applied today.

JMBF (59.50% Fe)

Mysteel assessed 59.50% Fe JMBF at $80.35/dmt CFR Qingdao, down $0.80/dmt from Monday, maintaining the spread with 62% Australian Fines Index.

There was no sample observed in the market.

The assessment was determined utilizing market survey and historic spread relationship to 62% Australian Fines Index. No expert judgement was applied today.

MACF (60.80% Fe)

Mysteel assessed 60.80% Fe MACF at $89.70/dmt CFR Qingdao, down $0.80/dmt from Monday, maintaining the spread with 62% Australian Fines Index.

There was no sample observed in the market.

The assessment was determined utilizing market survey and historic spread relationship to 62% Australian Fines Index. No expert judgement was applied today.

YDF (57.10% Fe)

Mysteel assessed 57.10% Fe YDF at $78.70/dmt CFR Qingdao, down $0.80/dmt from Monday, maintaining the spread with 62% Australian Fines Index.

Two transactions were observed for a total volume of 300,000 tonnes.

The volume of the transactions ranged from 130,000 tonnes to 170,000 tonnes.

The assessment was determined utilizing the transactions. No expert judgement was applied today.

BRBF (63.00% Fe)

Mysteel assessed 63% Fe BRBF at $94.15/dmt CFR Qingdao, down $0.70/dmt from Monday, maintaining the spread with 62% Fe Low Alumina Index. 

170,000 tonnes of BRBF was heard transacted at a premium of $1.30/dmt over January average index.

After the normalization for delivery timing and quality, the 62% Fe Low Alumina Index was assessed at $92.70/dmt.

The standard methodology applied today was based on the market survey and the heard transaction. No expert judgement was applied today.

IOCJ (65.10% Fe)

Mysteel assessed 65.10% Fe IOCJ at $104.90/dmt CFR Qingdao, down $0.80/dmt from Monday, maintaining the spread with 65% Australian Fines Index.

One bid and four offers were observed for a total volume of 395,000 tonnes.

The volume of bid and offers ranged from 50,000 tonnes to 130,000 tonnes.

The assessment was determined utilizing the bid and offers. No expert judgement was applied today.

Floating Brand Assessments

PBF (61.00% Fe)

Mysteel assessed 61% Fe PBF floating premium at $1.75/dmt CFR Qingdao, held flat from Monday.

One bid, five offers and a tradeable price of PBF were observed for a total volume of 1.19 million tonnes.

The volume of every bid, offer and the tradeable price of PBF was 170,000 tonnes.

The premium of tradeable value, the bid and the offers ranged from $1.30/dmt to $2.30/dmt.

Today the standard methodology applied was based on the tradeable value, the bid and the offers. No expert judgement was applied today.

NHGF (62.4% Fe)

Mysteel assessed 62.4% Fe NHGF floating premium at a premium of $1.20/dmt CFR Qingdao, down $0.10/dmt from Monday.

Two bids and four offers were observed for a total volume of 630,000 tonnes.

The volume of the bids and offers ranged from 90,000 tonnes to 130,000 tonnes.

The premium of the bids and the offers ranged from $0.50/dmt to $1.70/dmt.

Today the standard methodology applied was based on the bids and offers. No expert judgement was applied today.

JMBF (59.50% Fe)

Mysteel assessed 59.50% Fe JMBF floating premium at a discount of $8.40/dmt CFR Qingdao, held flat from Monday.

There was no sample observed in the market. No expert judgement was applied today.

MACF (60.80% Fe)

Mysteel assessed 60.80% Fe MAC floating premium at a premium of $0.10/dmt CFR Qingdao, held flat from Monday.

There was no sample observed in the market. No expert judgement was applied today.

YDF (57.10% Fe)

Mysteel assessed 57.10% Fe YDF floating premium at a discount of $6.05/dmt CFR Qingdao, down $0.05/dmt from Monday.

Two transactions were observed for a total volume of 300,000 tonnes.

The volume of the transactions ranged from 130,000 tonnes to 170,000 tonnes.

The discount of the two transactions ranged from $6.00/dmt to $6.10/dmt.

The assessment was determined utilizing the transactions. No expert judgement was applied today.

BRBF (63.00% Fe)

Mysteel assessed 63.00% Fe BRBF floating premium at $1.60/dmt CFR Qingdao, up $0.10/dmt flat from Monday.

170,000 tonnes of BRBF was heard transacted at a premium of $1.60/dmt over January average index, laycan 1-10 January 2020.

Today the standard methodology applied was based on the heard transaction. No expert judgement was applied today.

IOCJ (65.10% Fe)

Mysteel assessed 65.10% Fe IOCJ floating premium at $0.90/dmt CFR Qingdao, down $0.10/dmt from Monday.

One bid and four offers were observed for a total volume of 395,000 tonnes.

The volume of the bid and offers ranged from 50,000 tonnes to 130,000 tonnes.

The premium of IOCJ ranged from $0.50/dmt to $1.50/dmt.

Today the standard methodology applied was based on the bid and the offers. No expert judgement was applied today.

 

Written by Jesse Yang, yangdongwei@mysteel.com