By Marina Shulga / May 11, 2018 / www.metalbulletin.com /
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Metal Bulletin proposes to refine the specifications for three European and CIS pig iron prices to reflect existing market conditions.
Metal Bulletin invites market participants to take part in a market consultation to refine the specifications of the three prices below.
Metal Bulletin has added the chemical compositions into the specifications, specifying the manganese content in the pig iron. Payment terms have been revised in line with current market conditions. In all specifications, a minimum order size is indicated, while the standard order size from Black Sea ports when producers ship material to the United States is 25,000-50,000 tonnes.
Current specification
Assessment: CIS pig iron exports $/tonne fob Baltic Sea
Dimensions: 10-15kg
Quantity: Standard order size 5,000 tonnes
Location: FOB Baltic Sea
Timing: 4-6 weeks
Unit: USD/tonne
Payment terms: 80-100% pre-payment
Publication: Weekly. Thursday, by 3pm London time
Revised specification
Assessment: CIS pig iron exports $/tonne fob Baltic Sea
Dimensions: 10-15kg
Quantity: Minimum 5,000 tonnes
Location: FOB Baltic Sea
Timing: 4-6 weeks
Unit: USD/tonne
Payment terms: Payment upon delivery
Manganese: <0.09%
Publication: Weekly. Thursday, by 3pm London time
Current specification Assessment: CIS pig iron export $/tonne fob Black Sea
Dimensions: 10-18kg
Quantity: Standard order size 5,000 tonnes
Location: FOB Black Sea
Timing: 4-6 weeks
Unit: USD/tonne
Payment terms: 20-50% prepayment, rest FCR or L/C
Publication: Weekly. Thursday, by 3pm London time Proposed specification
Assessment: CIS pig iron export $/tonne fob Black Sea
Dimensions: 10-18kg
Quantity: Minimum 5,000 tonnes (standard order to US 25,000-50,000 tonnes)
Location: FOB Black Sea
Timing: 4-6 weeks
Unit: USD/tonne
Payment terms: Against FCR or B/L
Manganese: >0.1%
Publication: Weekly. Thursday, by 3pm London time
Current specification Assessment: EU pig iron imports $ per tonne cif Italy
Dimensions: 10-15kg
Quantity: Standard order size 5,000
Location: CIF Italy
Timing: 4-8 weeks
Unit: USD/tonne
Publication: Weekly. Thursday, by 3pm London time
Notes: Basic quality material Proposed specification
Assessment: EU pig iron imports $ per tonne cif Italy
Dimensions: 10-15kg
Quantity: Minimum 5,000 tonnes
Location: CIF Italy
Timing: 4-8 weeks
Unit: USD/tonne
Manganese: >0.1%
Payment terms: against FCR or B/L
Publication: Weekly. Thursday, by 3pm London time
The consultation period for these proposed amendments will end one month from the date of this pricing notice, on Friday May 11, with changes taking place, subject to market feedback, from Monday June 11.
To provide feedback on the amendments outlined above, or if you would like to provide price information by becoming a data submitter to the European pig iron assessments, please contact Marina Shulga by email at:
pricing@metalbulletin.com. Please add the subject heading FAO: Marina Shulga, re: European pig iron prices.
To see all Metal Bulletin's pricing
methodology and specification documents go to
https://www.metalbulletin.com/prices/pricing-methodology.html