october 2020 - smm

MMi Iron Ore Review

October 2020

MMi Iron Ore Review

Contents

• Port Prices ____________________________________________________________ Page 1

Iron Ore Port Price Index ___________________________________________________________ Page 1

Port Price Differentials to Qingdao Port for PB Fines ______________________________________ Page 1

Iron Ore Port Price Index Brand And Port Makeup _______________________________________

Iron Ore Port Price Index Compilation Volume __________________________________________ Page 2

Iron Ore Port Price Index Compilation _________________________________________________ Page 2

62% Fe and 65% Fe Port Price Index Normalisation Differentials (monthly averages) ____________ Page 3

58% Fe Port Price Index Normalisation Differentials (monthly averages) ______________________ Page 3

Key Port Brand Price Assessments Versus Index (monthly averages) ________________________ Page 3

Iron Ore Port Brand Price Assessments ________________________________________________ Page 4

Key Port Brand Price Assessments and Traded Prices _____________________________________ Page 4

• Seaborne Prices ________________________________________________________ Page 5

Iron Ore Seaborne Price Index _______________________________________________________ Page 5

Iron Ore Seaborne Price Index Compilation ____________________________________________ Page 5

Seaborne Price Index Normalisation Differentials (monthly averages) ________________________ Page 6

Key Seaborne Brand Price Assessments Versus 62% Fe or 65% Fe Price Index _________________ Page 6

Iron Ore Seaborne Brand Price Assessments ____________________________________________ Page 7

Key Seaborne Brand Price Assessments and Traded Prices ________________________________ Page 7

• Iron Ore Port And Seaborne Price Index Comparisons _________________________ Page 7

• Index Specifications and Tickers ___________________________________________ Page 8

Iron Ore Review—October Edition

www.mmiprices.com Page 1/8

IRON ORE PORT PRICE INDEX MONTHLY AVERAGES

MMi Iron Ore Index Review

Index Fe Content Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 YTD 2020

IOPI62 62% Fe Fines 665 683 706 655 667 668 720 807 844 948 946 892 787

IOPI58 58% Fe Fines 567 592 600 563 577 580 638 730 758 838 870 828 700

IOPI65 65% Fe Fines 723 764 808 797 798 804 847 943 948 992 998 982 893

IOPI62 62% Fe Fines 94.29 87.30 89.84 94.23 86.23 87.61 87.15 93.74 112.05 127.65 129.64 123.88 104.94

IOPI58 58% Fe Fines 83.57 74.67 78.18 80.46 74.33 76.20 75.96 83.60 101.29 113.63 120.14 115.94 93.93

IOPI65 65% Fe Fines 99.32 95.29 100.90 108.54 105.84 105.60 105.61 110.98 126.22 133.70 136.85 136.68 119.52

FOT Qingdao (inc. VAT ¹), RMB/wet tonne

CFR Qingdao Equivalent (exc. VAT¹), USD/dry tonne


IOPLI62 62.5% Fe Lump 829 794 825 868 834 868 832 832 875 932 959 919 879

Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 YTD 2020

IOPLI62 62.5% Fe Lump 101.74 97.89 102.01 108.99 106.19 110.46 104.89 104.46 111.35 120.08 125.87 121.97 112.4

FOT Qingdao (inc. VAT ¹), RMB/wet tonne

CFR Qingdao Equivalent (exc. VAT¹), USD/dry tonne

400

500

600

700

800

900

1000

1100

RM

B/w

et

ton

ne

FOT Qingdao Fines (inc. VAT¹)

IOPI62 62% Fe Fines IOPI58 58% Fe Fines IOPI65 65% Fe Fines

¹VAT=13%

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

RMB/

dmtu

62.5% Fe Lump Premium

PORT PRICE DIFFERENTIALS TO QINGDAO PORT FOR PB FINES

P o rt P o rt P o rt P o rt

Bayuquan Fangcheng Lanshan Rizhao

Beilun Jiangyin Lianyungang Shekou

Caofeidian Jingtang Majishan Taicang

Dalian Lanqiao Qingdao Tianjin0.00

0.00

0.00

0.00

0.00

-50.00

-2.50

-2.50

-47.50

P o rt Sto ck P rice D if ferentials to Qingdao P o rt fo r P B F ines (R M B / wet to nne) - Octo ber 2020 A verage values

0.00

0.00

-20.00

-10.00

-5.00

-20.00

-2.50

COPYRIGHT METALS MARKET INDEX, ALL RIGHTS RESERVED

October 2020

400

500

600

700

800

900

1000

RM

B/w

et

ton

ne

FOT Qingdao Lump (inc. VAT¹)

IOPLI62 62.5% Fe Lump

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Spreads (premiums/discounts) of port indices

IOPI58 % Spread to IOPI62 (monthly average)

IOPI65 % Spread to IOPI62 (monthly average)




IRON ORE PORT PRICE INDEX COMPILATION

IRON ORE PORT PRICE INDEX COMPILATION VOLUME

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20

TON

NES

Series1 Series2

IRON ORE PORT PRICE INDEX BRAND AND PORT MAKEUP—LAST 12 MONTHS

BRBF0%

Carajas Fines8%

FMG Blended Fines14%

Jimblebar Blended Fines

7%

Mac Fines4%Newman

Fines6%

Other3%

PB Fines36%

SSF17%

Yandi Fines5%

Other1%

Jiangyin1%

Lanshan2%

Lanqiao2%

Lianyungang7%

Tianjin11%

Rizhao

13%

Jingtan19%

Qingdao20%

Caofeidian24%

500

550

600

650

700

750

800

850

900

950


RM

B/w

et

ton

ne

58% Fe Index vs Normalised 58% Fe Port Trades

58% Fe Index Normalised 58% Fe Trades

550

600

650

700

750

800

850

900

950

1000

1050


RM

B/w

et

ton

ne

62% Fe Index vs Normalised 62% Fe Port Trades

62% Fe Index Normalised 62% Fe Trades

October 2020




58% FE PORT PRICE INDEX NORMALISATION DIFFERENTIALS (MONTHLY AVERAGES)

0

2

4

6

8

10

12

14

Fe Differential RMB/wet tonne

0

10

20

30

40

50

60

Alumina Differentials RMB/wet tonne

1% Alumina differential (low grade, Al <2.25%)

1% Alumina differential (low grade, Al 2.25-4%)

0

10

20

30

40

50

60

Silica Differential RMB/wet tonne

Steel mills remain less concerned about productivity and continue to

concentrate on managing their costs on the back of slowly improving

profit margins. Buyers of low-grade iron ore continue to look towards

its chemical properties when making purchasing decisions, though

FMG Blended fines and SSF pricing relative to 58% Fe indices remain

strong.

Spreads between high-grade and low-grade iron ore rose as 65% Fe

iron ore declined at a slower rather then 62% Fe. Low-grade iron ore

has continued to fall but the spread between 58% and 62% has

narrowed.

New policies in the winter heating season are likely to be implement-

ed in November, which will boost port stocks and increase mill

preference for high quality iron ore.

However, the gradual enforcement of likely production restriction

policies later in November will limit increases in blast furnace oper-

ating rates. Therefore, when coupled with the expected seasonal

decline in pig iron output, demand for iron ore from steel mills may

gradually weaken.

0

5

10

15

20

25

Fe Differentials RMB/wet tonne

1% Fe differential (high grade, Fe 60-63%) 1% Fe differential (high grade, Fe 63-64%)

0

10

20

30

40

50

60

Alumina Differentials RMBT/wet tonne

1% Alumina differential (high grade, Al <2.25%)

1% Alumina differential (high grade, Al 2.25-4%)

0

5

10

15

20

25

30

35

40

Silica Differentials RMB/wet tonne

1% Silica differential (high grade, Si <4%) 1% Silica differential (high grade, Si 4-6.5%)

0

2

4

6

8

10

12

14

16

Phosphorus Differentials RMB/wet tonne

0.01% Phosphorus differential (high grade, 0.09%<P<0.115%)

The price of domestic iron ore concentrates rose initially and then

fell in October, and the price index fell 1% from the previous month.

The completion of restocking in the middle of the month and de-

mand concerns following the release of the autumn and winter

production restriction policies, which may be stricter than last year,

weighed on domestic concentrates prices.

Shanghai Metals Market (SMM) remains bearish on domestic con-

centrates prices in November amid weakening domestic, but tight

supply across Hebei, Shanxi, south-west China may provide some

support to prices.

As of October 30, iron ore stocks across 35 ports tracked by SMM

totalled 121.11 million mt, an increase of 11.16 million mt from the

end of the previous month. This marked nine consecutive weeks of

growth since the end of August. Environmental protection measures

affected production at steel mills in Tangshan in October. Some

ports were temporarily closed, but this had limited impact on total

deliveries from ports. The increase of port stocks is expected to

expand in November amid the implementation of output controls at

steel mills in the winter heating season

Iron ore futures prices are expected to rise in November due to low

inventory at steel mills and the slight improvement of profits of steel

mills, but increasing supply pressure may cap the upside room

62% FE AND 65% FE PORT PRICE INDEX NORMALISATION DIFFERENTIALS (MONTHLY AVERAGES)

KEY PORT BRAND PRICE ASSESSMENTS VERSUS INDEX (MONTHLY AVERAGES)

96.0%

96.2%

96.4%

96.6%

96.8%

97.0%

97.2%

97.4%

97.6%

97.8%

PB Fines vs 62% Fe Index

98.5%

99.0%

99.5%

100.0%

100.5%

101.0%

101.5%

Newman Fines vs 62% Fe Index

95%

100%

105%

110%

115%

120%

125%

Carajas Fines vs 62% Fe Index

96%

98%

100%

102%

104%

106%

108%

BRBF vs 62% Fe Index

84%

86%

88%

90%

92%

94%

96%

98%

SSF vs 58% Fe Index

95.0%

96.0%

97.0%

98.0%

99.0%

100.0%

101.0%

102.0%

FMG Blended Fines vs 58% Fe Index

0

1

2

3

4

5

6

Phosphorus Differential RMB/wet tonne

October 2020




KEY PORT BRAND PRICE ASSESSMENTS AND TRADED PRICES

500

550

600

650

700

750

800

850

900

950

1000


PB Fines Brand Price vs PB Fines Trades Adjusted for Port

PB Fines Brand PB Fines trades adjusted for port

500

600

700

800

900

1000

1100


Newman Fines Brand Price vs Newman Fines Trades

Newman Fines Brand Newman Fines Trades

650

700

750

800

850

900

950

1000

1050


Carajas Fines Brand Price vs Carajas Fines Trades

Carajas Fines Brand Carajas Fines Trades

350

450

550

650

750

850

950


JMBF Brand Price vs JMBF Trades

JMBF Brand JMBF Trades

450

500

550

600

650

700

750

800

850

900


SSF Brand Price vs SSF Trades

SSF Brand SSF Trades

450

500

550

600

650

700

750

800

850

900

950


FMG Blended Fines Brand Price vs FMG BLended Fines Trades

FMG Brand FMG Blended Trades

IRON ORE PORT BRAND PRICE ASSESSMENTS MONTHLY AVERAGES


699 644 664 686 631 650 652 697 821 917 922 873 764

726 670 687 714 660 667 666 719 844 951 947 893 788

705 633 657 671 628 645 639 688 808 905 915 877 755

631 571 606 618 555 596 593 639 755 838 863 841 701

760 728 772 816 802 798 804 848 948 988 998 981 894

722 672 702 745 684 685 687 748 855 941 959 914 807

593 539 556 567 523 534 530 570 672 763 834 793 643

640 575 599 606 560 569 568 624 743 829 867 826 691

612 553 570 596 576 593 594 610 722 803 874 833 691

FOT Qingdao (inc VAT ¹ ), RMB/wet tonne

Brand

PB Fines

Newman Fines

MAC Fines


Carajas Fines

Brazilian Blend Fines

SSF

FMG Blended Fines

Yandi Fines

¹VAT=13%

October 2020




IRON ORE SEABORNE PRICE INDEX COMPILATION—LAST 12 MONTHS

IRON ORE SEABORNE PRICE INDEX MONTHLY AVERAGES


IOSI62 62% Fe Fines 85.83 92.64 93.85 87.46 88.60 83.89 92.47 103.49 108.23 124.02 126.26 122.16 103.30

IOSI65 65% Fe Fines 96.49 104.14 107.56 102.94 105.31 100.97 110.12 117.06 121.21 132.95 138.39 133.94 117.26

CFR Qingdao, USD/dry tonne

60

70

80

90

100

110

120

130

140


USD

/dry

to

nn

e

Index Bid/Offer (normalised) Floating (normalised) Fixed (normalised)

IRON ORE SEABORNE PRICE INDEX COMPILATION

0%

5%

10%

15%

20%

25%

IOSI65 % Spread to IOSI62

60

70

80

90

100

110

120

130

140

150

USD

/dry

to

nn

e

CFR Qingdao

IOSI62 62% Fe Fines IOSI65 65% Fe Fines

Fixed77%

Floating8%

Bid/Offer15%

Seaborne Index Compilation Weighted Volume

Fixed17%

Floating23%Bid/Offer

60%

Seaborne Index Compilation Raw Volume Collected

October 2020




IRON ORE SEABORNE PRICE INDEX COMPILATION—LAST 12 MONTHS

0 100 200 300 400 500 600 700 800

PB Fines

Carjas Fines

Brailian Blend Fines

Newman Fines

Mac Fines


Other

Key Seaborne Index Brand Volumes

Fixed Floating Bid/Offer

- 5,000,000 10,000,000 15,000,000 20,000,000

PB Fines

Carjas Fines

Brailian Blend Fines

Newman Fines

Mac Fines


Other

Key Seaborne Index Weighted Brand Volumes

Fixed Floating Bid/Offer

97.0%

97.5%

98.0%

98.5%

99.0%

99.5%

100.0%

PB Fines vs 62% Fe Index

97.0%

97.5%

98.0%

98.5%

99.0%

99.5%

100.0%

100.5%

101.0%

101.5%

102.0%

Newman Fines vs 62% Fe Index

91.5%

92.0%

92.5%

93.0%

93.5%

94.0%

94.5%

95.0%

95.5%

96.0%

96.5%

MAC Fines vs 62% Fe Index

KEY SEABORNE BRAND PRICE ASSESSMENTS VERSUS 62% FE or 65% FE PRICE INDEX

SEABORNE PRICE INDEX NORMALISATION DIFFERENTIALS (MONTHLY AVERAGES)

Spot and futures prices of iron ore rose before falling in

October. Restocking after the National Day holidays lifted

iron ore prices, but negative macro data weighed on prices

in the second half of the month. Iron ore fundamentals

may continue to weaken in November.

On the supply side, the weekly average outbound volume

of iron ore from Australia remained around 16.09 million

mt in recent two weeks, while that from Brazil in the past

six weeks remained at about 7.68 million mt, which are still

at a relatively high level.

SMM predicts that steel mills will continue to report low

profits in November as "seasonal" weakening of steel

prices may be inevitable. Steel demand is expected to

weaken after winter arrives in north and north-east China.

As the positive effect of falling iron ore prices may be offset

by rising coke and steel scrap prices, costs of steel mills will

remain high

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

FE Differentials USD/dry tonne

1% Fe differential (high grade, Fe 60-63%)

1% Fe differential (high grade, Fe 63-64%)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Alumina Differentials USD/dry tonne

1% Alumina differential (high grade, Al <2.25%)

1% Alumina differential (high grade, Al 2.25-4%)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Silica Differentials USD/dry tonne

1% Silica differential (high grade, Si <4%)

1% Silica differential (high grade, Si 4-6.5%)

0.0

0.5

1.0

1.5

2.0

2.5

Phos Differentials USD/dry tonne



78.0%

80.0%

82.0%

84.0%

86.0%

88.0%

90.0%

92.0%

94.0%

JMBF vs 62% Fe Index

95.0%

96.0%

97.0%

98.0%

99.0%

100.0%

101.0%

102.0%

103.0%

104.0%

105.0%

BRBF vs 62% Fe Index

98.0%

98.5%

99.0%

99.5%

100.0%

100.5%

Carajas Fines vs 65% Fe Index

October 2020




60

70

80

90

100

110

120

130

140


USD

/dry

to

nn

e

PB Fines Price vs PB Fines Trades

PB Fines Brand PB Fines Bid/Offer PB Fines Floating PB Fines Fixed

IRON ORE SEABORNE BRAND PRICE ASSESSMENTS


92.25 89.79 84.49 91.56 82.25 88.65 87.98 83.40 107.05 121.19 122.46 118.79 101.68

93.97 91.13 85.95 93.38 95.19 88.47 89.79 85.18 108.02 122.56 123.83 119.71 103.31

90.29 88.50 81.11 88.68 88.90 81.82 83.14 78.92 103.55 116.50 117.75 114.79 97.45

80.58 80.72 73.07 79.01 78.90 72.80 75.42 71.36 98.98 112.93 113.42 111.58 90.92

99.21 97.48 96.34 103.78 107.36 102.65 105.33 100.01 121.32 133.46 138.29 133.56 117.08

92.87 91.01 85.85 92.92 95.65 89.60 91.40 87.19 109.38 122.64 124.34 120.04 104.31


Carajas Fines

Brazilian Blend Fines

PB Fines

Selected Iron Ore Seaborne Brand Averages, USD/dry tonne

Brand

Newman Fines

MAC Fines

KEY SEABORNE BRAND PRICE ASSESSMENTS AND TRADED PRICES

60

70

80

90

100

110

120

130

140


USD

/dry

to

nn

e

BRBF Price vs BRBF Fines Trades

BRBF Brand BRBF Bid/Offer BRBF Floating BRBF Fixed

60

70

80

90

100

110

120

130

140

150


USD

/dry

to

nn

e

Carajas Fines Price vs Carjas Fines Trades

Carajas Brand Carajas Bid/Offer Carajas Floating Carajas Fixed

60

70

80

90

100

110

120

130

140


USD

/dry

to

nn

e

Newman Fines Price vs Newman Fines Trades

Newman Fines Brand Newman Fines Bid/Offer Newman Fines Floating Newman Fines Fixed

Correlations to PB Fines Brand Assessment

PB Fines Bid/Offer 99.05%

PB Fines Floating trades 97.88%

PB Fines Fixed trades 98.88%

Correlations to BRBF Brand Assessment

BRBF Bid/Offer 99.21%

BRBF Floating trades 98.64%

BRBF Fixed trades 99.43%

Correlations to Newman Fines Brand Assessment

Newman Fines Bid/Offer 99.50%

Newman Fines Floating trades 99.35%

Newman Fines Fixed trades 98.86%

Correlations to Carajas Fines Brand Assessment

Carajas Fines Bid/Offer 97.23%

Carajas Fines Floating trades 98.41%

Carajas Fines Fixed trades 98.21%

IRON ORE PORT AND SEABORNE PRICE INDEX COMPARISONS

-8

-6

-4

-2

0

2

4


USD

/dry

to

nn

e

Port vs Seaborne Spreads

IOSI62 Spread to IOPI62 Equivalent IOSI65 Spread to IOPI65 Equivalent

40

60

80

100

120

140

160


USD

/dry

to

nn

e

MMi Iron Ore Indices

Port 62% Fe Fines (CFR Qingdao Equivalent) Port 65% Fe Fines (CFR Qingdao Equivalent) Port 58% Fe Fines (CFR Qingdao Equivalent)

Seaborne IOSI62 62% Fe Fines (CFR Qingdao) Seaborne IOSI65 65% Fe Fines (CFR Qingdao)

October 2020

IRON ORE INDEX SPECIFICATIONS AND COMPILATION RATIONALE

This information has been prepared by Metals Market Index ("MMi"). Use of the information presented here is at your sole risk, and any content, material and/or data presented or otherwise obtained through your use of the information in this document is at your own

discretion and risk and you will be solely responsible for any damage to you personally or your company or organisation or business associates whatsoever which in anyway results from the use, reliance or application of such content material and/or information. Certain

data has been obtained from various sources and any copyright existing in such data shall remain the property of the source. Except for the foregoing, MMi retains all copyright within this document. The copying or redistribution of any part of this document without the

express written authority of MMi is forbidden.

CONTACT US

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BLOOMBERG TICKERS

Visit www.mmiprices.com for full index

price histories and archive of daily reports


65% Fe Fines 62% Fe Fines 58% Fe Fines 62.5% Fe Lump

Fe % 65.00 62.00 58.00 62.50

Alumina % 1.40 2.25 2.25 1.50

Silica% 1.50 4.00 5.50 3.50

Phosphorus % 0.06 0.09 0.05 0.08

Sulphur % 0.01 0.02 0.02 0.02

Moisture % 8.00 8.00 9.00 4.00

SizingSize below 6.3mm max 15%

Size above 31.15mm max 25%

Pricing Point FOT Qingdao Port

Timing (Seaborne) Delivery within 2 weeks

Payment Terms L/C at sight or CAD

Granular size below 10mm for at least 90% of cargo;

maximum of 40% below 150 micron

Qingdao Port (FOT and CFR respectively)

Iron Ore Index Specifications (Port and Seaborne)

Loading within 4 weeks, Delivery within 8 weeks

L/C at sight


IOSI62

IOSI65

SEABORNE INDICES

CFR Qingdao (USD/DMT)

IRCN0034

IRCN0035

IOPI62

IOPI58

IOPI65

IOPLI62 IRCN0037

FOT Qingdao (RMB/wet tonne)

IRCNQ001

IRCNQ002

IRCNQ003

IRCN0036

CFR Qingdao Equivalent (USD/dry tonne)

IRCNQ004

IRCNQ005

IRCNQ006

PORT STOCK INDICES

PORT STOCK BRANDS SEABORNE BRANDS

Fe Alumina Silica Phos Moisture

Roy Hill 60.70% 2.30% 4.90% 0.055% 8.00%

SIMEC Fines 60.00% 2.30% 6.30% 0.060% 6.00%

PB Fines 62% 62.00% 2.60% 4.30% 0.090% 9.50%

Newman Fines 62.30% 2.40% 4.40% 0.090% 8.00%

MAC Fines 60.80% 2.35% 4.70% 0.080% 7.80%

Jimblebar Blended Fines 60.50% 3.00% 4.50% 0.120% 8.00%

Carajas Fines 65.10% 1.50% 1.70% 0.080% 8.50%

Brazilian SSF 62.00% 1.00% 6.50% 0.040% 6.00%

Brazilian Blend Fines 63.00% 1.50% 5.00% 0.070% 7.00%

RTX Fines 61.00% 3.10% 4.50% 0.135% 7.50%

West Pilbara Fines 60.10% 2.30% 4.70% 0.075% 8.50%

Specifications applied for 62% brand assessments

AVERAGE IRON ORE BRAND SPECIFICATIONS FOR SEPTEMBER 2020

MMi iron ore indices are compiled from data provided by

companies that are part of the iron ore supply chain and

involved in spot market transactions. The indices are calculat-

ed using detailed transaction-level data submitted to MMi by

these companies. This data is normalised to the appropriate

specifications and screened to remove outliers before volume

-weighted average prices are calculated from the remaining

core set of data.

For more details on MMi's iron ore methodology please

download the guide published on our website at:

www.mmiprices.com

Index Compilation Rationale


Roy Hill 60.83% 2.31% 4.67% 0.056% 9.15%

SIMEC Fines 60.00% 2.30% 6.30% 0.060% 6.00%

PB Fines 61.66% 2.31% 3.88% 0.100% 9.55%

Newman Fines 62.39% 2.33% 4.06% 0.085% 7.85%

MAC Fines 60.53% 2.38% 4.53% 0.080% 8.11%

Jimblebar Blended Fines 60.82% 3.02% 4.49% 0.114% 7.52%

Carajas Fines 65.05% 1.22% 1.83% 0.067% 8.15%

Brazilian SSF 62.00% 1.00% 6.50% 0.040% 6.00%

Brazilian Blend Fines 63.19% 1.17% 4.78% 0.082% 7.65%

RTX Fines 61.00% 3.10% 4.50% 0.135% 7.50%

West Pilbara Fines 60.10% 2.30% 4.70% 0.075% 8.50%

62% Fe average brand specifications for Oct-20


SSF 56.49% 3.14% 6.27% 0.058% 9.34%

FMG Blended Fines 58.18% 2.55% 5.62% 0.054% 8.32%

Robe River 56.36% 3.17% 5.70% 0.039% 8.82%

Western Fines 57.88% 2.87% 7.50% 0.062% 7.45%

Atlas Fines 58.00% 1.85% 5.50% 0.090% 9.00%

Yandi 57.07% 1.60% 6.45% 0.042% 9.33%

58% Fe average brand specifications for Oct-20

October 2020

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october 2020 - smm

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