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20160720 tsi market watch iron ore
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20160720 tsi market watch iron ore
1.
Ā© Copyright The
Steel Index 2016 /1 TSI Market Watch: Iron Ore July 20, 2016 TSI 62% Fe benchmark usage in iron ore physical linkage rising, helping hedging The TSI 62% Fe iron ore index is being used exclusively for index-linked spot deals of Jimblebar Fines, a 61.3% Fe ore produced by Australian miner BHP Billiton, several market sources have confirmed. Prior to July, the product was reportedly sold in the spot market based on an average of TSI 62% Fe and an index for 62% Fe fines produced by Argus Media. The first news of the exclusive use of TSIās index for physical linkage came via the two leading electronic trading platforms (COREX and GlobalORE). The decision to trial sales based purely on the TSI 62% Fe index, rather than an average, is believed to be based on increased requests from customers who hedge their physical exposure in futures markets. The TSI 62% Fe benchmark is used to settle more than 99% of all US$- denominated iron ore derivatives. As yet, it is unclear whether this will also be extended to long-term contracts for Jimblebar. One Chinese steel mill located along the Yangzi River who buys the product said their current one- year contract has not yet ended, but that they would be willing to switch to a āTSI onlyā arrangement when it comes up for renewal. āIt would be more convenient for us when hedging in the derivatives market, and would lower our basis risk,ā said a purchasing manager at the mill. While much iron ore in the physical market is purchased against a range of other indices, using different indices for physical and financial contracts creates basis risk for anyone who wishes to offset risk in financial markets cleared against the TSI 62% Fe price. This is because month- end averages between physical and financial settlement can be variable and unpredictable. Using the same index for both the physical and financial sides of the deal removes this basis risk by ensuring the two legs match. The unpredictability of basis risk has long been an unwanted āwild cardā element in any hedge, but is becoming more of a headache as trading margins come under pressure. The purpose of hedging is after all to remove risk. There has also long been strong demand from end-users and traders for linkage to higher volume āmainstreamā ore grades too, not just Jimblebar, for the exact same reason: more effective hedging.
2.
Ā© Copyright The
Steel Index 2016 /2 Meanwhile, liquidity risk for āhedgersā has become a thing of the past as volumes of derivatives continue to soar. Preliminary data for the first half of 2016 (H1) shows volumes of cleared derivatives settled against the TSI 62% Fe number to be 101% above the level of H1 2015 (see chart above). Indeed, liquidity across exchanges was just shy of a billion tonnes (976,083,800 tonnes) between January and June this year. To put this in context, last year those volumes werenāt achieved until sometime in November. Annualizing the preliminary exchange data now puts the āpaperā trade of iron ore at two times the underlying physical Chinese market reference, as well as comfortably over the size of the total global seaborne market for the first time. Ends For further information Please contact: Oscar Tarneberg(Shanghai) +86 21 5110 5468 o.tarneberg@thesteelindex.com Note to Editors: The Steel Index (TSI) is a leading specialist source of impartial steel, scrap, iron ore and coking coal price information based on spot market transactions. Transaction price data is submitted confidentially to TSI on-line by companies buying and selling a range of relevant steel, iron ore, scrap, coking coal products. TSIās index reference prices are then calculated using transparent and verifiable procedures which are fully aligned with IOSCO principles. TSIās iron ore and coking coal price indices are published daily at 18:30 Singapore/Shanghai time (10:30 GMT). Steel prices for Northern Europe, Southern Europe and US HRC are published daily at 14:00 UK time and for ASEAN HRC imports daily at 18:30 Singapore time. Scrap prices for Turkish imports are published daily at 13:30 UK time. Weekly steel and scrap price indices are published every Monday and Friday respectively, with each price representing the average transaction price for the previous calendar week. TSIās indices are widely used by steel mills, miners, traders, distributors and manufacturing companies worldwide as the basis for their physical pricing arrangements. TSIās indices are also used as the industry standard in the settlement of ferrous financial contracts.
3.
Ā© Copyright The
Steel Index 2016 /3 Singapore Exchange (SGX), LCH.Clearnet (London), CME Group (Chicago), NASDAQ OMX Clearing (Oslo), European Energy Exchange (EEX) and Intercontinental Exchange (ICE) all use TSIās iron ore index for settling their monthly cleared iron ore financial contracts. SGX also uses TSIās coking coal indices and hot rolled coil index for ASEAN imports to settle its coking coal and Asian HRC steel futures and swap contracts respectively. In addition, TSIās prices are used for the settlement of European hot rolled coil steel contracts on LCH.Clearnet and CME Clearing Europe, the settlement of Turkish scrap imports contracts on LCH.Clearnet, LME, CME Europe and Borsa Istanbul, and domestic US scrap and hot rolled coil steel contracts settle on NASDAQ OMX Clearing. In all cases, settlement prices are the average of TSIās reference prices published in the expiring month. TSI is a Platts business, part of S&P Global. Further information on TSI, including a free trial of the service, is available at http://www.thesteelindex.com. Platts, founded in 1909, is a leading global provider of energy, petrochemicals, metals and agriculture information and a premier source of benchmark prices for the physical and futures markets. Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Plattsā coverage of the biofuels, carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, shipping and sugar markets. A division of S&P Global (NYSE: SPGI), Platts is based in London with more than 1000 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com. This information has been prepared by The Steel Index ("TSI"). 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 (listed on the final page) and any copyright existing in such data shall remain the property of the source. Except for the foregoing, TSI retains all copyright within this document. The copying or redistribution of any part of this document without the express written authority of TSI is forbidden.
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