62%品位铁矿石, CFR中国(TSI)掉期期货

合集下载

上海清算所OTC

贸易商
电厂
与指数挂钩模式，存在极大财务风险；也可能由于贸易商的亏损或倒闭，承受巨大违约风险
人民币动力煤掉期作为一种动力煤价格的风险管理工具，其套期保值功能将为广大具有风险对冲需求的实体企业提供有效的风险规避途径。
银行间市场清算所股份有限公司
内方外圆欣欣向荣
人民币动力煤掉期
协议名称协议规模价格单位最低价格波幅协议期限交易方式成交数据接收时间（暂定）最后交易日最终结算日交割方式最终结算价格人民币动力煤掉期 200吨元人民币/吨 1元人民币/吨 1. 连续十二个月份的月度协议 2. 下季度起连续四个季度的季度协议 3. 下年起连续两年的年度协议场外模式，经纪人撮合工作日：10:30-20:00 最后交易日：10:30-18:00 月度协议最后交易日为当月的最后一个周三（以 BSPI 为例，下同）；季度协议最后交易日为上一季度最后一个周三；年度协议最后交易日为上一年度最后一个周三。协议存续期内每月最后交易日的下一个工作日上午09:30至10:30。以指数为依据，进行现金交割当月动力煤价格指数的算术平均值，精确至小数点后2位。
银行间市场清算所股份有限公司
内方外圆欣欣向荣
保证金、费用收取模式
清算所
保证金清算费结算费
清算会员
保证金清算费结算费
客户
交易佣金
经纪
公司
银行间市场清算所股份有限公司
内方外圆欣欣向荣
目前市场参与者
清算会员
• 综合清算会员浦发银行交通银行建设银行其他 • 普通清算会员中信证券招商证券国泰君安
物流端：原材料的国际海运人民币FFA

2014.2铁矿石期货通用套期保值方案

铁矿石期货通用保值方案华泰长城期货投资咨询部谢赵维许惠敏1、套期保值理论介绍1.1套期保值定义：传统上的套期保值是指在期货市场上买进或卖出与现货商品或资产相同或相关、数量相等或相当、方向相反、月份相同或相近的期货合约，从而在期货和现货两个市场之间建立盈亏冲抵机制，以规避价格波动风险的一种交易方式。

这里的传统定义中有四个要点：第一、套期保值的本质在于其“对冲性”，即锁定成本、利润和对冲风险，确保企业资产价值不因外部环境变化而发生大的变化。

第二、套期保值是期货与现货之间相互配合的风险对冲组合。

第三、早期套期保值对冲概念主要是以期货市场的盈利对冲现货市场的风险。

第四、早期的套期保值是一种以产品购销或贸易避险而进行的一种“期货交易方式”。

基本的套保操作包括两种：买入套期保值和卖出套期保值，并遵循“种类相同、数量相当、月份相近和交易相反”的四大原则（这一点将在下文中详细阐述）。

但在企业实际的套保决策中，往往并不会如此机械，而是力图在既定风险的条件下获取最大的利润。

因此，美国商品期货交易委员会将现代套期保值的定义为是对实物市场进行交易的替代，在期货市场交易远期交割的合约，并且在经济上使用那个月减少商业活动中的操作和管理的风险。

1.2套期保值原理：套期保值之所以能够规避价格风险，是基于以下基本原理：1. 同一品种的期货价格走势与现货价格走势一致：尽管期货市场与现货市场相对独立，但是其仍有内在联系。

由于某一特定商品的期货价格和现货价格在相同经济背景下，会受到相同经济因素的影响和制约，因此一般情况下两个市场的价格变动趋势相同。

如下图所示，不论是新加坡交易所（SGX）的铁矿石掉期，还是后上市的大商所铁矿石期货，走势较普氏62%指数现货均基本一致。

套期保值就是利用这两个市场上的价格关系，分别在期货市场和现货市场做方向相反的买卖，取得在一个市场上出现亏损的同时，在另一个市场上盈利的结果，以达到锁定生产经营成本或收益的目的。

LME铜市新年评论20110212

涨的趋势来看，这一因素目前尚不是非常突出，铜价上涨已对此因素做出了反映。
香港鸿巽国际资源有限公司
3.5
4.5
2.5
焦点事件之一
美国中长期国债收益率持续上涨将带来什么
2
3
4
5
美国30年期国债收益率
美国10年期国债收益率
1、美国中长期国债收益率持续上涨意味着什么？两种可能：美国10年期国债收益率自2010年10月13 日的2.46%上涨到2011年2月10日的3.7%，涨幅50.41%；30年期从2010年9月14日的3.48%上涨到2 月10日的4.75%，涨幅36.49%。美国中长期国债收益率的上涨正在缓慢影响美元的宽松流动性，因为中长期利率的上涨最终将通过市场化的方式使短期利率上涨，这等同于美联储的加息，从而结束美元宽松的流动性，这是铜市2011年的最大利空因素。
01-02-09 01/20/09 02-04-09 02/20/09 03-09-09 03/24/09 04-08-09 04/24/09 05-11-09 05/27/09 6-11-09 06/26/09 07/14/09 07/29/09 08/13/09 08/28/09 09/15/09 09/30/09 10/16/09 11-02-09 11/18/09 2012-4-9 12/21/09 2010-1-7 01/25/10 2010-2-9 02/25/10 2010-3-12 03/29/10 04/13/10 04/28/10 05/13/10 05/28/10 06/15/10 06/30/10 07/16/10 2010-8-2 08/17/10 2010-9-2 2010-9-20 2010-10-5 2010-10-21 2010-11-5 2010-11-23 2010-12-9 2010-12-27 2011-1-12 2011-1-28

国际贸易实务计算题及答案

35道国际贸易实务计算题及答案（1）公量计重主要用于少数经济价值较高而水分含量极不稳定的商品，如羊毛、生丝、棉花等。

公量=干量+标准水分量=实际重量×(1+标准回潮率）/（1 +实际回潮率）公量的计算公式：公量＝商品干净重×(1＋公定回潮率)＝商品净重×(1＋公定回潮率）/(1+实际回潮率）实际回潮率＝实际含水量/干重注:干量=商品干净重=干重商品净重=实际重量公定回潮率=标准回潮率公量的计算1。

例题：内蒙古某出口公司向韩国出口10公吨羊毛，标准回潮率为11%,经抽样证明10公斤纯羊毛用科学方法抽干水后净重8公斤干羊毛，求用公量计算的交货重量为多少？〈解答1 〉实际回潮率=水分/干量=（10—8）/8＊100％=25%公量=实际重量×（1+标准回潮率）/（1 +实际回潮率)=10(1+11%)/（1+25％）=8。

88（公吨)答：该批生丝的公量为8。

88公吨。

〈解答2 〉净剩的8公吨为干量，公量=干量×（1＋公定回潮率)=8×（1＋11％）=8.88（公吨）答：该批生丝的公量为8。

88公吨。

2。

、一批出口货物做CFR价为250000美元,现客户要求改报CIF价加20％投保海运一切险，我方同意照办，如保险费率为0.6%时，我方应向客户报价多少?解：CIF=CFR+保险费保险费=保险金额×保险费率=CIF×（1+20%）×0。

6％CIF=CFR+CIF×（1+20％)×0。

6％CIF=CFR÷（1-120%×0.6%)=250000÷0。

9928=251813。

05美元答：我方应报价251813。

05美元3.、一批出口货CFR价为1980美元，现客户来电要求按CIF价加20％投保海上一切险，我方照办，如保险费率为2%时，我方应向客户补收保险费若干?解:CIF价＝CFR价/[1－(1+投保加成率)×保险费率]保险费＝保险金额×保险费率=CIF价×(1+投保加成率）×保险费率，所以保险费＝CFR价×（1+投保加成率）×保险费率/［1－(1+投保加成率）×保险费率］＝1980×(1+20％）×2％/（1－120%×2%)＝48.69（美元）取整保险费应为49美元。

短讯：热轧卷板期货拟近期推出

降低对进口铁矿石的依存度和形成稳定的供给渠道。在铁
矿石价格非正常上涨时，可通过抛售低价资源进行平抑。当
（作者：中钢协财务资产部经济运行分析处处长
冶金工业信息中心市场价格处处长）
然这一目标的实现需要一个长期的过程，考虑到钢厂资金
状况，可以由中央或一些省级政府出面，参照有色金属收储的方式建立铁矿石战略储备。政府把一部分外汇储备变成
部委的支持和指导下，在广泛征求行业内外专家意见的基础上，中国钢铁工业协会联合中国五矿化工进出口商会、中国冶
恶性竞争，建立公平有序的铁矿石市场秩序，保持铁矿石价格在合理区间平稳运行。
８．调整钢铁产品结构，减小铁矿石价格波动的影响
金矿山企业协会、冶金工业信息中心等单位，与２０１１年１０月
符合作为商品期货标的条件，发展热轧卷板期货的基本条件均较为成熟。
货的品种。对比螺纹钢期货，若热轧卷板期货成功上市，将吸
引更多钢厂客户的参与。（摘自：大公网）
Ⅲ
遣套髓｜｜谳３年嚣、、强
轧卷板生产国、消费国和出口国，企业避险需求强烈。推出热
轧卷板期货是内地钢铁行业发展的客观需要，将为相关钢铁
每日成交金额在１４００亿元人民币水平。上述人士表示，目前该所与相关部委、协会和主要生产、贸易、消费企业进行了初
步沟通，市场各方迫切希望上期所尽快推出热轧卷板期货。
铁矿石资源储备，即可在通货膨胀背景下，降低外汇储备过高的风险，又因为储备的铁矿石资源是实物，对国家的可持
续发展有利。
７．规范铁矿石市场贸易秩序，减少人为的价格炒作国内存在一部分钢厂和贸易商出于看涨铁矿石价格的

国贸理论与实务计算_案例题

一、佣金与折扣的计算1．1．我出口某商品，报价为CFR新加坡每公吨1800美元，现客户要求报价中含3%的佣金，为使净收入不减少，应改报多少？解：含佣价= 净价/（1 –佣金率）CFRC3%=1800/（1–3%）=1855.67（美元）2．以每箱25美元CIF汉堡价出口某商品1500箱，含3%的佣金。

我方应向中间商支付多少佣金？如果中间商要求增加2%的佣金，试问我方在不影响净收入的前提下给佣5%的报价应为多少？2．解：佣金=含佣价×佣金率=25×3%×1500=1125（美元）CIFC5%=CIFC3%×（1–3%）/（1–5%）=25×（1–3%）/（1–5%）=25.53（美元）3．一出口公司与国外某中间商达成一笔交易，约定我方以每公吨260美元CFRC2%汉堡价出口某商品70公吨。

海运运费为每公吨12美元。

收汇后出口公司向国外中间商汇付佣金。

计算：（1）该出口公司向中国银行购买支付佣金的美元共需多少人民币？3．（1）解：佣金=含佣价×佣金率=260×2%×70×8.2685=3009.73（元人民币）4．4．我向国外某客户发盘，报价为每千克150美元CFR鹿特丹，对方回电要求我改报FOB中国口岸价，并含5%佣金。

经查：自中国口岸至鹿特丹的运费为每千克1.05美元，我方如要保持外汇净收入不变，按买方要求应报何价？解：FOB净价=CFR–运费=150–1. 05=148.95（美元）FOBC5%=FOB净价/（1–5%）=148.95/（1–5%）=156.79（美元）5．5．我向外报价某商品每公吨1800美元FOB大连，对方要求改报CFRC5纽约价，已知大连至纽约的运费为每公吨17美元，应改报何价才能保证净收入不变？（佣金按FOB净价计支）解：CFR净价=FOB净价+运费=1800+17=1817（美元）按FOB净价计支的佣金数额为：FOB净价×佣金率=1800×5%=90（美元）CFRC5=CFR净价+佣金=1817+90=1907（美元）6．我方向外商的报价为每公吨600美元CFR新加坡，含2%的折扣，成交数量为300公吨，计算我方扣除折扣后的总收入是多少？6．解：折实售价=原价×（1–折扣率）=600×（1–2%）=588（美元）实收外汇=588×300=176400（美元）或：折扣额=600×2%×300=3600（美元）实收外汇=600×300–3600=176400（美元）二、运费的计算1．我方出口商品共100箱，每箱的体积为30CM×60CM×50CM，毛重为40千克，查运费表得知该货为9级货，计费标准为W/M，基本运输为每运费吨109HK$，另收燃油附加费20%，港口拥挤费30%，货币贬值附加费10%，试计算：该批货物的运费是多少港元？1．解：30CM×60CM×50CM=0.09m3,因为0.09>0.04，且基本运费的计收方法是W/M，所以应选择0.09m3来计算运费。

普氏指数

Volume 6 / Issue 98 / May 22, 2012/PlattsSBBSteelClose/MidpointChange % Chg IODEX Iron ore fines 62% Fe ($/dmt)CFR North China133.50-134.50 134.000.250.19Please see Platts complete iron price/netbacks table, p.3Coking coal, premium low vol ($/mt)FOB Australia 223.00 223.00 +0.50 0.22CFR China238.00 238.00 -0.50 -0.21Please see full metallurgical coal price/freight table, p.4Ferrous scrap ($/mt)HMS FOB Rotterdam 392.50-397.50 395.00 0.00 0.00A3, FOB Black Sea 392.50-397.50 395.00 0.00 0.00HMS CFR Turkey 427.50-432.50430.000.000.00Ferrous scrap ($/lt)Shredded del Midwest US 420.00-425.00 422.50 0.00 0.00Shredded del dock East Coast 395.00-400.00 397.50 0.00 0.00HMS del dock East Coast380.00-385.00382.500.000.00Maryland—The various restrictions on scrap exports present in over 20 countries has had a greater impact on pricing than availability, according to Nucor’s CEO Dan DiMicco.The US is the leading exporter of scrap in the world exporting a record high 24.3 million mt in 2011.“The issue on scrap is not so much availa-bility because of exporting, but it does have an impact on price,” DiMicco said Tuesday during a press briefing at the American Iron and Steel Institute’s joint annual meeting with the Metals Service Center Institute in Maryland.“We let the rest of the world get away with putting either outright bans on the export of raw materials or severe restrictions on them,” DiMicco emphasized.He maintained that there are no scrap export restrictions in the US or Canada while countries like Russia, Ukraine and China have either export bans, quotas or taxes.Scrap restrictions elsewhere hit US prices“We are not in favor of putting barriers up on the export of scrap,” DiMicco said. “We are in favor of undoing the barriers around the world that create additional demand for our scrap. If they won’t let scrap come out of their country then we shouldn’t let their steel come in.”Earlier this year—in a closely watched case—the appeals panel of the WTO ruled China must dismantle its export taxes and quotas on nine industrial minerals including coke. “We see that as another favorable development demonstrating our countryshould expect our trading partners to live up to the agreements they make,” US Steel CEO John Surma said.US eyes are ‘watching’ CBMXMeanwhile, Surma and an executive of a major US-based global raw materials companyacknowledged Tuesday that their companies(continued on page 2)Scrap restrictions elsewhere hit US prices ... from page 1are in a wait-and-see mode regarding the recently launched physical iron ore trading platform in China.“There is going to be some trading done over that [the China Beijing International Mining Exchange (CBMX)],” Cliffs Natural Resources CEO Joseph Carrabba said during the same press briefing.“Whether it gains prominence or not, I think has a long way to go. Trying to find a counterparty for that trade is pretty difficult to do,” Carrabba noted. He added: “I think it is wait-and-see at this point and time; we are exploring all avenues.”US Steel’s Surma said his company is monitoring CBMX and others. “We are watching and observing the developments of these potential platforms,” he said. “We are just in the early stages of watching it.”— Nicholas TolomeoIron ore market...from page 1would be $2.258/dmtu and $2.185/dmtu, indicating a lump premium of $0.073/dmtu, according to Platts calcu-lations. Market talk suggested a Chinese mill was the buyer of this cargo, but this could not be confirmed.Elsewhere, market participants pegged the repeatable trading price of 61% Fe Pilbara Blend fines at $132-133/dmt CFR China. One Singapore-based trader felt the stronger price could be driven mainly by mills thatwere looking to replenish depleted inventories. “It is normal for [the] price of iron ore to take a breather and gain traction after falling constantly for the past week, and there are always mills who need to buy iron ore.”Most sources said they were seeing “significantly more inquiries for Australian ore” from mills, especially for Pilbara Blend fines and Newman fines. “I received quite a bit of interest for cargoes from north and south China mills today. The market seems to finally be edging its way up,” a Singapore-based trader said.But not all participants were as quick to embrace what others saw as the begin-ning of an uptick in spot prices. “The mar-ket is still waiting to see the direction spot prices will take before committing to any position. There is hardly any demand from end-users now, so sellers are finding it dif-ficult to market cargoes too,” a Beijing-based trader said.Mills in Tangshan, seen as generally representative of steelmakers across the country, were seeing losses due to poor steel margins, making it difficult to buy raw materials.“Steel is still terrible,” said a London-based trader. “It is neither acceptable nor possible for Newman fines to be traded repeatedly at $137/dmt CFR China, when both steel futures and billet prices are dip-ping lower together today,” concurred a Shandong mill source.Myriad Vale cargoes still on offerThere were still a number of Vale car-goes on offer. The Brazilian miner was offering a cargo co-loaded with 46,649 mt of 66.3% Fe Lump Ore Blast Furnace Urucum (LOAU) and 31,174 mt of 64.16% Fe Brazilian Standard Sinter Feed Tubarao (SSFT) for tendering. This shipment is slat-ed to pass Singapore May 28.The LOAU cargo, which contains 0.81% alumina, 2.98% silica, 0.054% phosphorus and 4.3% moisture, is the third such cargo Vale has offered in the spot market this year. The SSFT cargo contains 0.75% alu-mina, 4.87% silica, 0.06% phosphorus and 7.8% moisture. The results of the tender couldn’t be obtained before the assess-ment closed, though market talk suggest-ed the SSFT ore sold at $134.50/dmt.Vale was also offering 64.76% Fe Lump Ore Blast Furnace Non-screened Guaiba (LONS), 176,367 mt, with 1.236% alumina, 3.78% silica, and passing Singapore May 29. The tender was due to close May 22, 5 PM Beijing time (0900 GMT), according to traders who received the tender.A 167,068 mt cargo under the Vale63.5% Fe bracket traded at $135.10/dmt CFR China on the China BeijingInternational Mining Exchange Tuesday,according to a mill source and traders withaccess to the platform. But no furtherdetails or specifications were available.Sesa Goa continues to sellIndia’s Sesa Goa was back in the mar-ket offering 55,000 mt of 54% Fe finesTuesday—despite a company source say-ing earlier that the four fines cargoes SesaGoa sold last week would be its last priorto the Indian monsoon season. This latestparcel contains a maximum of 8% alumina,7% silica, 0.1% phosphorus, 0.03% sulfurand 15% moisture, and will load over May24-30 from Goa.The tender closes Tuesday, 10 pmIndian time (1630 GMT). The companysource did not wish to confirm if this wouldPlatts Daily Metallurgical Coal Assessments, May 22Coking coal price assessments ($/mt) FOB CFR CFR Change Australia China India Australia China IndiaHCC Peak Downs Region 222.50 237.50 240.00 +0.50 -0.50 -0.50Premium Low Vol 223.00 238.00 240.50 +0.50 -0.50 -0.50HCC 64 Mid Vol 190.00 205.00 207.50 +1.50 +0.50 +0.50Low Vol PCI 152.00 167.00 169.50 +1.00 +0.00 +0.00Low Vol 12 Ash PCI 132.50 147.50 150.00 +1.00 +0.00 +0.00Semi Soft 128.50 143.50146.00 +1.00 +0.00 +0.00Met Coke - -361.00- -+0.00HCC Assessed SpecificationsCSR VM Ash S P TM Fluidity HCC Peak Downs Region 74% 20.7% 10.5% 0.60% 0.030% 9.5% 400Premium Low Vol 71% 21.5% 9.3% 0.50% 0.045% 9.7% 500HCC 64 Mid Vol64% 25.5% 9.0% 0.60% 0.050%9.5%1,700Penalties & Premia: Differentials ($/mt) Within % of Premium Low Vol FOBNet Value Min-Max Australia assessment price($/mt)Per 1% CSR 60-74% 0.50% 1.12Per 1% VM (air dried) 18-28% 0.50% 1.12Per 1% TM (as received) 8-11% 1.00% 2.23Per 1% Ash (air dried) 7-10.5% 1.25% 2.79Per 0.1%S (air dried) 0.3-1%1.00%2.23The assessed price of HCC Peak Downs® originates with Platts and is based on price information for a range of HCCs with a CSR > 67% normalized to the standard of HCC Peak Downs® (CSR 74%). Peak Downs® is a registered trade mark of BM Alliance Coal Operations Pty Limited “BMA”. This price assessment is not affiliated with or sponsored by BMA in any way.Dry bulk freight assessments RouteVessel Class Freight rate ($/mt)Moisture (%)Australia-China Panamax 15.00 9.50Australia-IndiaPanamax17.509.50East Australia: basis Hay Point port. North China: basis Qingdao port. East India: basis Paradip port.Detailed methodology and specifications are found here: /IM.Platts.Content/MethodologyReferences/MethodologySpecs/metcoalmethod.pdf Source: Plattsreally be the last fines cargo sold before the rainy season, but said it would be “fully dependent on weather conditions.”“The Indian monsoon season officially hits the Goan region around June 6, so tech-nically the Goan miners can still offer fines cargoes now, but come next week, it will be risky,” another Beijing-based trader said.Elsewhere, South Korean trading house Daewoo was offering 150,000 mt of high-sili-ca 58/57% Fe Mauritanian fines, according to a trader who received the offer. The ship-ment, which already loaded May 6, contains 1% alumina, 12.5% silica, 0.08% phospho-rus, 0.07% sulfur and 2% moisture.“It’s going to be hard for any mill to be able to take this cargo because the silica content is dangerously high. I think even a trade level of $100/dmt CFR China would be tough to fetch for it,” the trader said.— Celestyn Wong,Melvin Yeo and Keith Tanwith Annalisa Jeffries in LondonCoking coal marketAsian spot coking coal market ‘balanced,’ freight downSingapore—Spot coking coal prices into Asia were steady Tuesday, though lower freight rates had some effect on FOB Australia, and CFR India and China spot prices.In what was described by market players as a “balanced” premium low-volatile hard coking coal market, a $1/mt drop inassessed Panamax freight rates was shared equally between FOB and CFR prices. This resulted in a 50 cents/mt rise for the FOB Queensland price to $223/mt, and a 50 cents/mt fall for CFR China, to $238/mt.Indicative buy-side interest for premium low-vol HCC was reported by buyers and miners at $220/mt FOB or just below, across several regions including North Asia, India and China.No new transactions were heard done, however. “It’s a very thin spot market,” a producer of premium HCC said Tuesday, add-ing that sentiment in China was generally bearish. Traders agreed, with one Beijing source citing falling billet prices in China. Tangshan billet prices have eased Yuan 90/mt ($14.20) since last Friday to Yuan 3,520/mt ex-stock, sources said Tuesday.Another trader said even US miners were reluctant to cut their offers to China as they could see better demand compara-tively from buyers outside China.A third Beijing trader said buying of port stocks also remained lackluster. He said dockside coking coal inventories in Jingtangand Rizhao ports were steady at 4 million and 2 million mt, respectively. “I can’t see any improvement in demand,” he said.Highlighting the need to shift coal in ports, one trader said he was prepared to delay pay-ment and to bear the extra interest himself. He had just sold a small volume of Australia semi-hard coking coal at above Yuan 1,400/mt ex-stock, which had 40-50% coke strength after reaction (CSR), 27% volatile matter, low ash and low sulfur. After accounting for the interest paid by the seller, this equates to $179/mt CFR China after deducting Yuan 35/mt in port charges and 17% value-added tax.Meanwhile, higher indicative buying inter-est in India lifted second-tier coking coal, which rose $1.50/mt to $190/mt FOB Australia.“For second-tier, India is looking stronger because buyers are substituting premium coals. It’s nicely balanced,” an HCC producer said. He saw “tell-tale signs of jitteriness”because of the threat of more strikes at BHP Billiton-Mitsubishi Alliance mines.Nonetheless, he believed fundamen-tals were bearish and thought the BMA strikes would only delay a fall in the mar-ket. “If the BMA situation hadn’t been there, I believe we would have seen a con-tinuation of the [down]trend of recentmonths.” “Demand is indeed pretty weak,” another HCC producer also conceded.— Julien Hall with Helena Shengand Edwin Yeorussian PCI cargoesabundantly available: tradersSingapore —Several traders have seen an increase in the number of Russian pul-verized coal injection (PCI) cargoes beingoffered to China, for a range of qualities, they said Tuesday“We’ve seen a lot of high offers from Russia,” one trader told Platts SBB. The trader reported 12% volatile matter, 12% ash PCI was offered as high as $160/mt CFR, and 12% VM, 10% ash at around $165/mt CFR.With the exception of a few high-quality PCIs, most Russian low-vol PCIs tend to be harder to grind than similar Australian products. Russian PCIs generally have a Hardgrove Grindability Index (HGI) of below 70, compared with Australian grades in the 70s or 80s.Low grindability can be a limiting factor for mills with constrained grinding ability, according to market participants.Though offers were perceived as high, the trader said Chinese buyers preferred the smaller vessel sizes available from Russia than the larger ships fromAustralia. “It’s a high-risk market. It’s diffi-cult for one buyer to accept a whole Panamax,” he explained.Nonetheless, large Chinese mills locat-ed near ports would be likely to accept top Australian low-vol PCIs at $165-170/mt CFR, another Chinese trader said.Tuesday’s low-vol PCI assessment increased $1 to $152.00/mt FOBAustralia, and low-vol with 12% ash was also up a dollar to $132.50/mt FOB.Prices to China and India were unchanged, however, offset by lower freight rates: Low-vol PCI was steady at $167.00/mt CFR China and $169.50/mt CFR India. Low-vol, 12% ash PCI held Tuesday at $147.50 CFR China and $150.00 CFR India.— Julien Hall and Helena ShengScrap marketUK heavy melting scrap offer to Turkey unchangedLondon —A UK recycler was offering a cargo of heavy melting scrap I/II (80/20 blend) to Turkish mills at $430/mt CFR Tuesday, level on implied prices in recent composite transactions for premium quality HMS blend.Some recyclers achieved sales to North Africa. One Benelux recycler ended up selling its cargo to Egypt rather than Turkey last week as demand proved more potent in North Africa than the EastMediterranean. Other sales were reported from France into Morocco, with major exporters operating out of WesternEuropean ports reducing some supplies.In addition, Turkish mills were chasingcargo for prompt delivery—something recy-clers long-believed the producers needed. This has calmed sentiment after the sud-den fall that took place towards the end of last week. Limited availability has also been a factor, with few merchants having prompt material available.“The fact that Turkish steelmakers are coming and asking for prompt deliveries makes us a little more relaxed,” oneEuropean exporter said. “Our domestic mar-ket only fell away a few euro [for May], so we can’t bring down our export prices—even with today’s more favorable exchange—to the level desired by some mills in Turkey.”Indeed, with the euro strengthening marginally on the US dollar compared to its weakest levels at the end of last week, coupled with slightly stronger freight from Benelux ports to Turkey, recyclers doubted much further weakening was possible for the time being on scrap.Lower US East Coast offer prices to India The Platts SBB daily assessment remained flat Tuesday at $430/mt CFR Turkey basis. Talk persisted from US market participants that US East Coast exporters were seeing less interest from Turkey and are now focusing some effort on India.Dealing with rising inventories and declining interest from Turkish steel mills, two major US East Coast (USEC) exporters came into the market early this week with lower offer prices on bulk cargoes of shred-ded scrap to India.Offers were heard from the USEC at $460/mt CFR Nhava Sheva and $470/mt CFR Chennai. The exporters are said to be awaiting a response from the mills. The offers represent a $20-30/mt drop from two weeks ago.USEC exporters are dealing with a declining domestic scrap market and waning interest from Turkish mills. One USEC exporter with considerable scrap supply on hand was heard to be declin-ing substantial tonnage deals from scrap yards last week, and in turn offering to US-based mills.— Ciaran Roe with Nicholas Tolomeo in Pittsburgh Major eastern Chinese mills cut scrap prices $8/mtSingapore—Domestic scrap prices have fallen further in China’s eastern regions since Shagang Group in Jiangsu province cut its buying costs again by Yuan 50/mt ($7.92) Tuesday.The latest reduction took Shagang’s buying price for heavy melting scrap (over 6 mm thick) to Yuan 3,040/mt ($480) including 17% VAT. The mill has cut its scrap prices four times since May 11, by a total of Yuan 200/mt (about $32/mt).“We have to lower raw materials costs since our rebar prices have kept declin-ing,” a Shagang official said. The mill has slashed its rebar prices by an accumulated Yuan 230/mt since the beginning of this month. “There is still a possibility for us to further cut the scrap prices, but the margincould be limited,” the official told Platts Steel Business Briefing.The province’s smaller mills, includ-ing Huaigang Special Steel, immediate-ly followed Shagang by shaving their scrap prices by Yuan 30-50/mt, and more mills are expected to follow in the next few days.Meanwhile, major steelmakers in neighboring Shandong province also low-ered their scrap prices. On Tuesday Xiwang Special Steel reduced its buying price for HMS (>6 mm) to Yuan 3,090/mt from Yuan 3,140/mt with VAT. “Themarket is very dismal, and we are stillstruggling to avoid losses, although itseems more and more difficult,” a majorShandong trader said.Market prices for HMS were prevail-ing at Yuan 3,040-3,150/mt ($481-498)with the VAT in the country’s eastregions, around Yuan 50/mt lower thanprices on Monday.— Della FuJapanese scrap exportprices to Korea keep fallingSingapore—Japanese scrap exportprices to Korea have dropped by Yen1,000-1,500/mt ($12.5-18.80) over thepast week as demand from foreign buyerssuch as Chinese mills has declined.“Korean mills seem the only buyersfor Japanese scrap for the moment,” asource with a major steelmaker inPlatts steel industry assessments, May 22Close/MidpointChange% ChgAsiaHot-rolled coil $/mtFOB Shanghai*630.00-635.00632.50 -5.00 -0.78Reinforcing bar $/mt FOB China* 615.00-625.00 620.00-10.00-1.59* Assessed May 17, 2012Europe Hot-rolled coil Eur/mtEx-works, Ruhr 542.50-547.50 545.00 -2.50 -0.46CIF Antwerp 520.00-530.00 525.00 0.00 0.00$/mtFOB Black Sea 585.00-595.00 590.00 0.00 0.00PlateEur/mtEx-works, Ruhr 605.00-615.00 610.00 0.00 0.00CIF Antwerp 535.00-545.00 540.00 0.00 0.00Reinforcing bar Eur/mtEx-works, NW Eur 522.50-527.50 525.00 0.00 0.00$/mtFOB basis Turkey 642.50-647.50645.00 0.00 0.00Billet$/mt FOB Black Sea 585.00585.000.000.00North America Hot-rolled coil $/stEx-works, Indiana 650.00-660.00 655.00 0.00 0.00CIF, Houston 630.00-650.00 640.00 0.00 0.00Plate$/stEx-works, US SE 880.00-900.00 890.00 0.00 0.00CIF, Houston 800.00-820.00 810.00 0.00 0.00Reinforcing bar $/stEx-works, US SE 720.00-725.00 722.50 0.00 0.00CIF, Houston610.00-620.00 615.000.000.00Europe and US cold-rolled coil assessments, May 22Eur/mtClose/MidpointChange % Chg Ex-works, Ruhr 622.50-627.50 625.00 -2.50 -0.40CIF Antwerp 585.00-595.00 590.000.00 0.00$/mtFOB Black Sea 695.00-705.00 700.00 0.00 0.00$/stEx-works, Indiana 750.00-770.00 760.00 0.00 0.00CIF, Houston740.00-760.00750.000.000.00Korea said Tuesday.Hyundai Steel, the country’s largest scrap buyer, booked Japanese H2 grade scrap at Yen 31,000-31,500/mt FOB($389-395) this week, market sources told Platts SBB.This compares with contract prices concluded earlier last week of Yen32,500/mt FOB for the same grades. “We have secured sufficient scrap inventories so for now we’re taking a wait-and-see atti-tude in terms of booking import materials,” a company source said.Another Korean mill source also said that his company had booked enough imported scrap up until June arrivals. “Thus we’re taking our time to monitor market sentiment closely before booking for July shipment,” he noted.Korean steelmakers contacted by Platts SBB said that Japanese export pric-es of scrap are unlikely to drop much fur-ther from the current levels in the near term. “However, there seems no momen-tum for a significant price hike in Japanese scrap for export,” the third mill source said. Sales of finished steel products in both the Japanese and Korean markets have remained depressed so far this year, as reported.“Besides, Japanese scrap traders fear unstable market conditions caused by ongoing global economic turmoil so raising prices will be difficult for them,” he added.— Hera OhExchangesIron ore swaps prices rally as physical losses ceaseLondon—Iron ore swaps pricesincreased more substantially Tuesday on the back of an arrested decline in the physical market, brokers and traders in London and Singapore said.There was a flurry of trades on Q3, basis The Steel Index’s reference price for 62% Fe material CFR North China, which moved up to trade at $130/dry mt several times. July traded at $128.75/dmt and moved up to $129.50/dmt, while a Q3/Q4 spread changed hands at $1.50/dmt.Several physical cargoes were done at levels suggesting slightly higher prices, reflected in the upward movement of both IODEX and TSI 62% Fe fines. The latter gained 20 cents to $131.10/dmt, while the former was up 25 cents to $134/dmt.The tenders were the “first positive news for two weeks” so it made sense that they would lead to some gains, a trader inSingapore said. “I think physical prices havecome to the bottom, it’s a good time to cover a short,” said a trader in London.The decline in China’s billet price con-tinued, but at a slower pace. In Tangshan city, ex-works prices for 150x150 mm Q235 slipped Yuan 10/mt to Yuan 3,520/mt ($557) with 17% VAT on a cash basis. Physical rebar was unchanged.Wary about downstream steel weaknessBut not all sources believed the phys-ical increases could be seen as a turning point in the market, alluding to down-stream steel weakness. “As long as the government has not loosened its tight grip on the real estate market I don’t think the economy will show any substan-tial improvement,” one Tangshan-based billet trader said. And dockside ore inven-tories in China lost another Yuan 10-20/mt, TSI reported.Market weakness was being confound-ed by Chinese mills continuing to pump out “massive” amounts of steel in a bid to keep costs low and maintain market share, one analyst said.Wavering and confused sentiment was reflected by a Yuan 16/mt fall in the most active October rebar contract in Shanghai, which had gained some ground Monday after broadly supportive comments over the weekend by China’s Premiere Wen.Indicative forward curves from London-based brokers also pointed to some confusion over market direction. Two curves both had prices up through-out, but the increases ranged from 50 cents to $3/dmt.— Colin RichardsonFerroalloys market Asian manganese ore prices move up on tight supply London—Seaborne manganese ore bound for Asia gained ground Tuesday on the back of tight supply in the spot market, sources said.The Platts 44% Mn ore lump assess-ment moved up 5 cents from the previous day to $4.90/dry mt unit CIF Tianjin, China.“Demand for silicon manganese is pretty stable, but alloy producers are pushing up prices due to higher ore pric-es,” said a producer who was working at 40% capacity.Other market participants said there was growing uncertainty for ore demand levels, citing negative steel margins. The weak steel market has been weigh-ing on manganese ore, and there has been talk some mills may cut crude output amid weak margins, accordingto an Inner Mongolia based trader. That will further crimp manganese ore demand, he added.A China based producer source said she would not be purchasing manganese ore until the steel market showed signs of strengthening and the direction of sili-comanganese prices is clearer. “I am wait-ing to see what happens with the sili-comanganese price. I think if it doesn’t increase plants will close their furnaces,” she said.“Demand is not good, ore is tight and alloy prices weak. It all depends on sili-comanganese now but ore prices are firm. Miners aren’t negotiating,” the pro-duce concluded.Sources said major French ore miner Eramet was not offering June shipments due to port loading issues at its Gabon operations, which is creating tightness in the ore market.China’s manganese alloys producers reported the price of silicomanganese 65:17 at Yuan 8,000/mt ($1,269.60) ex-works, an increase of Yuan 100/mt over the previous week. The China based producer source saidsilicomanganese could be purchased ataround Yuan 7,500-7,800/mt DDP.— Jitendra GillAsia moly oxide offers stablebut further falls fearedSingapore—Asian offers of molybde-num oxide were at $13.70-13.80/lb CIFTuesday, unchanged on day, in a marketsubdued by fears of further falls due tohigh inventories in Japan and Europe aswell as a bearish tender result and con-cerns about the eurozone.Offers mostly originated from Chinesetraders, South Korea traders said, butwere with no firm bids, although someSouth Korean ferromolybdenum converterssaid their price ideas were around$13.65/lb CIF Busan for powder in bags.Buyers in South Korea showed littleinterest, partly due to low demand andpartly because they were waiting foroffers to drop to about $13.50/lb. AJapanese trader heard deals done at$13.70-13.75/lb CIF Japan for powder inbags by Chinese traders.The Posco Specialty Steel ferromolybuy tender for 50 mt Monday was award-ed at Won 38,000-39,000 ($32.67-33.51)/kg duty and delivery costs paid.The cost of moly oxide powder feedstockis believed to be around $13.30/lb, saidsome market participants, while one esti-mated feedstock cost higher at above$13.50/lb.The latest tender result has led togrowing concern about further falls in molyoxide prices among the Chinese traders.“It is true that usually tender prices arelower than the prevailing market level, butgiven that market demand has been dis-mal recently, it seems very likely that molyoxide prices will continue to slide down-ward,” a trader in northeast China’sLiaoning province said.Japan has sufficient stocks of molyoxide and European customers may stillhave enough inventories to last till earlyJune, market sources said.Most South Korean ferromoly plantshave been operating at less than 50% ofcapacity this month and their operatingrates may be even lower in June in antici-pation of lower ferromoly orders, a SouthKorean trader said.Some Chinese traders have reviseddown their earlier forecasts for the molyoxide’s price low this year to below$13.00/lb from $13.00-13.50/lb.“We have not spotted any positivesigns so far. European economies,Greece in particular, have been doingworse than we expected at the beginningof this year; it may be time for us toreview our market forecasts,” a secondLiaoning trader said.— Hongmei LiChina imported 714 mt ofmoly ores and conc in AprilSingapore—China imported a total of714 mt of molybdenum ores and concen-trates in April, down 25.5% year on year,figures released Tuesday by the GeneralAdministration of Customs showed.Of the total imported volume, 592 mtwas roasted moly ores and concentrates.China also exported a total 1,430 mt ofmoly ores and concentrates in April, down0.1% year on year. Of this, roasted orescomprised 1,398 mt.For the first four months, imports ofmolybdenum ores and concentrates totaled3,762 mt, down 24% from a year ago,while total moly ores and concentratesexports amounted to 5,747 mt, down37.4% from last year.Meanwhile, China imported 20,000 kgof ferromolybdenum in April, which was flatfrom a year ago. The figure, however, wasa sharp jump from the 4,480 kg importedin March.Ferromoly exports in April totaled 21,000kg, which was down 19.2% from April 2011,and also down 41.7% on the month. Importsof ferromoly in the first four months of 2012reached 45,485 kg, down 58.2% year onyear, while exports stood at 77,000 kg,down 26.3% from 2011.— Yuencheng MokBHP Billiton to restartAustralian ferroalloys smelterMelbourne—BHP Billiton plans torestart its TEMCO manganese alloy plantin early July following a review of its eco-nomic viability, the miner said Tuesday.Operations at the ferroalloy smelterlocated at Bell Bay in Tasmania were sus-pended for 90 days on February 23.BHP said it will ramp up operationsto have all four furnaces back in opera-tion by the end of August. Over the pastthree months, BHP identified ways toreduce costs to return the plant to a“globally competitive position,” the com-pany said.“One of the key changes as we restartwill be the operational separation of theTEMCO alloying facility from the GEMCOmine, located in the Northern Territory.This separation introduces the ability toblend in other ore sources, which will。

1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。

交易终止
交易于合约月份的最后一个营业日终止，若合约月份的最后一个营业日为英国银行假日，则最后一个交易日为假日前一营业日。
交易合约
交易在连续的24个月内进行
交割方式
金融
持仓限额
NYMEX持仓限额(仅英文)
规则手册章节
919(仅英文)
交易规范
该等合约NYMEX上市，受制于NYMEX规范和规则。
62%品位铁矿石，CFR中国（TSI）掉期期货
商品代码
TIO
交易所
CMEClearPort,公开喊价(纽约)
交易时间
CMEClearPort
周日–周五6:00 p.m. – 5:15p.m(芝加哥/美中时间5:00 p.m. – 4:15 p.m.)每日5:15p.m（4:15p.m.美中时间）开始休息45分钟。:30p.m..)（8:00 a.m. —1:30 p.m.美中时间）
合约规模
500干公吨
报价单位
美元美分
最小的价格波动值
1美分/干公吨
浮动价格
每一个合约月份的浮动价格相当于The Steel Index就该日历月发布的“62%品位精炼铁矿石- CFR中国港”所显示的所有价格评估的平均值。