PRICING NOTICE: Proposal to change publication day of European, seaborne chrome prices

Fastmarkets proposes to change the publication day of its European and seaborne price assessments, indices and indicators covering chrome ore and ferro-chrome to Tuesday, from Friday.

The prices involved are: 
MB-FEC-0004 Ferro-chrome high carbon 6-8.5% C, basis 60-70% Cr, max 1.5% Si, delivered Europe, $/lb Cr 
MB-CHO-0002 Chrome ore Turkish lumpy 40-42%, cfr main Chinese ports, $/tonne 
MB-FEC-0011 Ferro-chrome 50% Cr import, cif main Chinese ports, $/Ib contained Cr 
MB-CHO-0003 Chrome ore South Africa UG2 concentrates index basis 42%, cif China, $/tonne 
MB-FEC-0003 Ferro-chrome 0.10% C, average 65-70% Cr, delivered Europe, $/lb Cr 
MB-FEC-0002 Ferro-chrome low carbon, 65% Cr, max 0.06% C, delivered Europe, $/lb Cr 
MB-FEC-0001 Ferro-chrome low phosphorous, min 65% Cr, max 0.015% P, delivered Europe, $/lb 
MB-FEC-0019 Ferro-chrome lumpy Cr benchmark indicator, charge basis 52% (and high carbon), Europe, $/Ib.

A move to Tuesday pricing will increase the available resources for collecting data and bring the chrome pricing in line with chromite pricing.

No other changes are proposed to the specifications at this time.

The proposed amendments to the price specifications are as follows, with changes highlighted in bold:

Assessment: MB-FEC-0004 Ferro-chrome high carbon 6-8.5% C, basis 60-70% Cr, max 1.5% Si, delivered Europe, $/lb Cr
Quality: Lump. Cr 60-70%, C 6-8.5%, Si 1.5%.
High-carbon ferro-chrome of the following brands and origins: Kazakhstan (Kazchrome); Russia (Tikhvin, Chelyabinsk); Turkey (Eti Krom); Sweden (Vargon Alloys); Albania (Albchrome)
Quantity: Min 24 tonnes
Location: Delivered consumer works Europe
Unit: USD per lb of chrome contained
Payment terms: 30 days, other payment terms normalized
Publication: Weekly. Tuesday between 2pm and 3pm London time 

Assessment: MB-CHO-0002 Chrome ore Turkish lumpy 40- 42%, cfr main Chinese ports, $/tonne
Quantity: 1,000 tonnes
Quality: Lump. Cr 40-42; Silica 15% max; Alumina 16% max; MgO 26% max; S 0.02%; P 0.01%; chrome-iron ratio 2.6:1 (2.5:1 min)
Location: cfr China main ports
Unit: USD per tonne
Payment terms: Payment at sight
Publication: Weekly. Tuesday between 2pm and 3pm London time

Assessment: MB-FEC-0011 Ferro-chrome 50% Cr import, cif main Chinese ports, $/Ib contained Cr
Quality: 10-100mm lump. Chrome base 50%, range 48-52%; carbon base 7%, max 9%; silicon base 3%, max 6%; phosphorous max 0.03%; sulphur max 0.06%.
Quantity: Min 1,000 tonnes Location: cif main Chinese ports
Timing: Within 6 weeks
Unit: USD per lb
Payment terms LC at sight
Publication: Weekly. Tuesday between 2pm and 3pm London time
Notes: Seaborne, all origins. Data history from May 2012

Index: MB-CHO-0003 Chrome ore South Africa UG2 concentrates index basis 42%, cif China, $/tonne
Quality: Up to 1mm (95% min). Cr base 42%, range 40-43%; Silica max 6%; Alumina max 18%; MgO max 0.15%; P max 0.01%; S max 0.01%; chrome-iron ratio 1.2:1 min
Quantity: Min 2,000 tonnes
Location: cif China
Unit: USD per tonne
Payment terms: Payment at sight
Publication: Weekly. Tuesday between 2pm and 3pm London time
Notes: Bulk (container deals normalized)

Indicator: MB-FEC-0019 Ferro-chrome lumpy Cr benchmark indicator, charge basis 52% (and high carbon), Europe, $/ Ib
Quality: Ferro-chrome lumpy, basis 52% chrome content
Unit: US cents per lb of chrome content to major European destinations
Publication: Weekly. Tuesday between 2pm and 3pm London time
Notes: The price indicates a representative level for the European ferro-chrome benchmark if it were to be settled on that Friday. It does so by using a proprietary Fastmarkets formula based on the historical relationship between the European ferro-chrome benchmark and Fastmarkets market data. 

Assessment MB-FEC-0002 Ferro-chrome low carbon, 65% Cr, max 0.06% C, delivered Europe, $/ lb Cr
Quality: Lump. Cr 65% basis (range 60-70% Cr), C 0.06% max, Si 1.5% max, P 0.05% max, S 0.05% max
Quantity: Min 25 tonnes
Location: Delivered consumer works Europe
Unit: USD per lb of chrome contained
Payment terms: 30 days, other payment terms normalized
Publication: Fortnightly. Tuesday between 2pm and 3pm London time 

Assessment MB-FEC-0003 Ferro-chrome 0.10% C, average 65-70% Cr, delivered Europe, $/lb Cr
Quality: Lump. Cr 65% basis (range 65-70% Cr), C 0.10% excluding material up to 0.06% C, Si 1.5% max, P 0.05% max, S 0.05% max
Quantity: Min 25 tonnes
Location: Delivered consumer works Europe
Unit: USD per lb of chrome contained
Payment terms: 30 days, other payment terms normalized
Publication: Fortnightly. Tuesday between 2pm and 3pm London time 

Assessment MB-FEC-0001 Ferro-chrome low phosphorous, min 65% Cr, max 0.015% P, delivered Europe, $/lb
Quality: Lump. Cr 65% min, Si 1% max, C 6-8%, P 0.015% max, Ti 0.05%
Quantity: Min 25 tonnes
Location: Delivered consumer works Europe
Unit: USD per lb of chrome contained
Payment terms: 30 days, other payment terms normalized
Publication: Fortnightly. Tuesday between 2pm and 3pm London time

The consultation period for this proposed amendment starts on Friday July 7 and ends on August 7, with changes taking place, subject to market feedback, as follows:

  • The weekly prices above will continue to be published every Friday until Friday August 14 and will then be published every Tuesday starting from Tuesday August 18.
  • The fortnightly prices above will continue to be published on alternate Fridays until Friday August 7, and will then switch to every other Tuesday starting from Tuesday August 18.

To provide feedback on this proposal or if you would like to provide price information by becoming a data submitter, please contact Jon Stibbs by email at pricing@fastmarkets.com. Please add the subject heading: ‘FAO: Jon Stibbs: chrome pricing.’

To see all of Fastmarkets’ pricing methodology and specification documents, please go to https://www.fastmarkets.com/about-us/methodology.

Jon Stibbs

jon.stibbs@fastmarkets.com

Published

Jon Stibbs

July 10, 2020

18:49 GMT

London