SHANGHAI, May 2 (SMM) - Shanghai Metals Market and its new price index business Metals Market Index (MMi) will launch three iron ore port indices on Wednesday May 2 as port prices continued to gain importance in pricing the steelmaking raw material.
The three indices will be published daily at 5:30pm Singapore time and can be accessed through SMM website and app.
The three indices are as follows:
IOPI62 - 62% Fe fines iron ore port index FOT Qingdao (inc. 16% VAT) yuan/wmt
IOPI58 - 58% Fe fines iron ore port index FOT Qingdao (inc. 16% VAT) yuan/wmt
IOPI65 - 65% Fe fines iron ore port index FOT Qingdao (inc. 16% VAT) yuan/wmt
Additional information including iron ore port inventories, key steel market indicators, market commentaries and the equivalent CFR Qingdao prices on a $/mt basis will also be published from May 3.
The publication of the indices is in response to an evolving market in need for an alternative to iron ore pricing.
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