CIOPI@**@铁矿石价格指数编制方法（中文版）

一、CIOPI中国铁矿石价格指数的结构

CIOPI@**@铁矿石价格指数由一个综合指数，国产铁矿石价格指数、进口铁矿石价格指数两个分项指数构成。中国铁矿石价格指数是在计算“国产铁矿石价格指数”和“进口铁矿石价格指数”的基础上，按上年全年进口铁矿石和国产铁矿石占国内生铁产量的权重，加权平均算出。

（一）国产铁矿石价格指数

国产铁矿石价格指数包含：

1、62%品位国产铁矿石价格指数；

2、62%、65%品位国产铁矿石价格（人民币干基出厂含税价）。

以1994年4月份国产铁精矿的市场价格为100点，以后各期62%品位国产铁矿石价格与之进行比较、计算后得出指数。基数起点和计算方法与钢铁协会目前公布的CSPI中国钢材价格指数及英国商品研究所公布的CRU**钢材价格指数一致。

（二）进口铁矿石价格指数

进口铁矿石价格指数包含：

1、62%品位进口铁矿石价格指数；

2、62%品位直接进口铁矿石到岸美元价格；

3、62%品位进口铁矿石现货贸易人民币含税价格；

4、58%品位直接进口铁矿石到岸美元价格；

5、58%品位进口铁矿石现货贸易人民币含税价格。

以1994年4月份进口粉矿市场价格为100点，以后各期62%品位进口铁矿石价格与之进行比较、计算后得出指数。基数起点和计算方法与钢铁协会目前公布的CSPI中国钢材价格指数及英国商品研究所公布的CRU**钢材价格指数一致。

二、中国铁矿石价格指数的编制方法

（一）国产铁矿石价格指数的编制方法

1、数据来源

国产铁矿石价格基础数据通过中国冶金矿山企业协会的国产铁矿石价格信息系统进行采集。根据国产铁矿石产量分布情况，兼顾各行政区域的平衡，在**范围选择14个省区市、32个矿山区域的国产铁精矿市场成交含税价格作为计算国内铁矿石价格指数的数据基础。2014年，所选区域铁矿石产量占**产量的89.84%。

2、计算方法

（1）权重系数

国产铁矿石根据各省区市上年度铁矿石产量，占所选全部区域产量的比重作为各省区市的权重系数（每年2月按上年产量情况调整一次）。

（2）样本标准

A.65%品位国产铁矿石样本标准如下：

△含铁量：65%，选样区间60%-67%；

△湿度：8%，选样区间6%-10%；

△二氧化硅：5%，选样区间4-6%；

△二氧化铝：0.75%，选样区间0.3%-1.2%；

△磷：不高于0.03%；

△硫：不高于0.05%；

△酸碱性：酸性为标准，将碱性纳入搜集范围，并将其根据市场价差折算为酸性；

△粒度：70%以上的粒度在0.074mm以内；

△数量：每宗交易合同量不小于1000吨；

△地点：中国14个省市区、32个矿山区域的出厂价；

△付款方式：*%现金付款。其他方式付款交易的铁精粉将被标准化为现金交易；

△估价单位：人民币/元，含17%的增值税

B.62%品位国产铁矿石样本标准与65%品位国产铁矿石样本标准相同

（3）价格指数编制方法

按14个省区市、32个矿山区域的国产铁精矿干基市场含税价格，统一换算为65.0%品位、干基含税标准价格；再加权计算**铁矿石平均价格；该品位价格不折算为指数。

按14个省区市、32个矿山区域的国产铁精矿干基市场含税价格，统一换算为62.0%品位、干基含税标准价格；再加权计算**铁矿石平均价格；**加权平均价格指数以1994年4月价格为100点，计算国产铁矿石价格指数。

（二）进口铁矿石价格指数的编制方法

1、数据来源

（1）进口铁矿石价格直报系统按日收集的企业直接进口铁矿石合同价格数据；

（2）进口铁矿石价格直报系统按日收集的企业进口铁矿石现货贸易合同价格数据；

（3）专家组成员、信息员每个工作日对直接进口铁矿石的评估价格（美元计价）；

（4）专家组成员、信息员每个工作日对进口铁矿石现货贸易的评估价格（人民币含税计价）；

（5）参考大连商品交易所铁矿石主力合约当日收盘价格变动情况、北京**矿业权交易所铁矿石现货平台当日报盘成交合同价格，以及新加坡GlobalOre现货交易平台当日成交合同价格。

2、计算方法

（1）基础数据

进口铁矿石价格指数基础数据分为两部分，即合同数据和评估数据。

一是将各方面报送的直接进口铁矿石合同价格在考虑升贴水后统一换算为62.0%品位和58%品位干基不含税美元价格，并按实际合同量加权计算出进口铁矿石平均到岸价格；

二是将各方面报送的进口铁矿石现货贸易合同价格，在考虑升贴水后统一折算为62%品位和58%品位干基含税人民币价格，并按实际合同量加权计算出进口铁矿石现货贸易人民币价格；

三是大连期货交易所进口铁矿石期货主力合约每个交易日收盘价格的变化数据；

四是评估数据，来自**30位专家和79位信息员每个工作日上报的数据。

根据不同的比例，计算出综合价格，其中62%品位直接进口铁矿石到岸美元价格再以1994年4月进口铁矿石美元价格为100点，计算出进口铁矿石价格指数。

▲62%品位直接进口铁矿石到岸美元价格和进口铁矿石现货贸易人民币含税价格计算过程如下：

第一步：将所采用的合同统一标准化为62%品位的数据，筛选条件为：合同签定日期为当日，品位折算、S、P、Al和Si等按标准折扣折算，扣除水分、杂质等；

第二步：对专家组和信息员组上报的估价数据进行处理；

第三步：对大连商品交易所收盘价格数据进行采集；对北矿所数据进行采集；对新加坡GlobalOre数据进行采集；

第四步：按照一定的比例对各类数据进行计算得出当日的62%品位直接进口铁矿石到岸美元价格和进口铁矿石现货贸易人民币含税价格；

第五步：根据62%品位国产矿价格和62%品位直接进口铁矿石到岸美元价格分别计算各自的指数，然后根据各自的权重，综合计算得出中国铁矿石价格指数。

58%品位直接进口铁矿石到岸美元价格和现货贸易人民币含税价格计算过程类似，但不计入指数计算。

（2）样本标准

A.62%品位直接进口铁矿石到岸美元价格数据样本标准如下：

△含铁量：62%，选样区间在60%-63.5%

△湿度：8.00%；

△二氧化硅：4.50%；

△三氧化二铝：2.00%；

△磷：0.075%；

△硫：0.02%；

△粒度：90%以上的粒度在10mm以内；

△数量：每笔交易不少于3.5万吨；

△地点：**各主要港口，标准化处理为青岛港到岸价；

△海运方式：CFR（含海运费）或CIF（含海运+保险费）；

△船期：即日起2-4周内；

△付款方式：*%即期付款；其他方式付款交易的铁矿石将被标准化为现金交易；

△估价单位：美元/吨，不含增值税

B.62%品位进口铁矿石现货贸易人民币含税价格数据样本标准如下：

△含铁量：62%，选样区间在60%-63.5%

△湿度：8.00%；

△二氧化硅：4.50%；

△三氧化二铝：2.00%；

△磷：0.075%；

△硫：0.02%；

△粒度：90%以上的粒度在10mm以内；

△数量：每笔交易不少于1万吨；

△地点：**各主要港口，标准化处理为青岛港现货价；

△付款方式：*%即期付款；其他方式付款交易的铁矿石将被标准化为现金交易；

△估价单位：元/吨，含增值税

C.58%品位直接进口低铝铁矿石到岸美元价格数据样本标准：

△含铁量：58%，样本数据范围在50%-60%（不含60%）

△湿度：9.50%；

△二氧化硅：5.50%；

△三氧化二铝：1.50%；

△磷：0.05%；

△硫：0.02%；

△粒度：90%以上的粒度在10mm以内；

△数量：每笔交易不少于3.5万吨；

△地点：**各主要港口，标准化处理为青岛港到岸价；

△海运方式：CFR（含海运费）或CIF（含海运+保险费）；

△船期：即日起2-4周内；

△付款方式：*%即期付款；其他方式付款交易的铁矿石将被标准化为现金交易；

△估价单位：美元/吨，不含增值税

D.58%品位进口低铝铁矿石现货贸易人民币含税价格数据样本标准：

△含铁量：58%，样本数据范围在50%-60%（不含60%）

△湿度：9.50%；

△二氧化硅：5.50%；

△三氧化二铝：1.50%；

△磷：0.05%；

△硫：0.02%；

△粒度：90%以上的粒度在10mm以内；

△数量：每笔交易不少于1万吨；

△地点：**各主要港口，标准化处理为青岛港现货价；

△付款方式：*%即期付款；其他方式付款交易的铁矿石将被标准化为现金交易；

△估价单位：元/吨，含增值税

（3）价格权重

直接进口铁矿石到岸美元价格和进口铁矿石现货贸易人民币含税价格以信息员报送的合同实际数量为权重加权平均计算，并对有质量差异的按标准进行升贴水。

三、说明

中国铁矿石价格指数（CIOPI）编制方法，由中国钢铁工业协会、中国五矿化工进出口商会及中国冶金矿山企业协会联合发布；由铁矿石价格指数办公室负责解释。

联系人：赵伟、刁力

联系电话：010-65131884

Email：[email protected]

Compilation Methodology of CIOPI

1,Composition of CIOPI

CIOPI are constituted by a comprehensive index and two sub indexes namely domestic iron ore price index and imported iron ore price index. On the basis of the calculation of domestic iron ore price index and imported iron ore price index, CIOPI is the weighted average according to the weight of the imported iron ore and domestic iron ore over the domestic pig iron output.

1.1, Domestic iron ore price index

Domestic iron ore price index includes

first, 62% iron content domestic price index;

second, 62% and 65% domestic iron ore price (ex factory dry RMB price with tax included)

Take the market price of domestic concentration in Apr, 1994 as 100 points, the index of the 62% domestic iron ore is calculated in comparison with the 100 points. The starting points and calculation method is in line with the present CSPI (China Steel Price Index) and the international steel products price of CRU.

1.2，Imported Iron ore price index

Imported iron ore price index includes:

1.2.1, 62% imported iron ore price

1.2.2, 62% direct import CIF price in USD

1.2.3, 62% import spot RMB price including tax

1.2.4, 58% direct import CIF price in USD

1.2.5, 58% import spot RMB price including tax

Take the market price of imported fines in Apr, 1994 as 100 points, the price index of the 62% domestic iron ore is calculated in comparison with the above 100 points. The starting points and calculation method is in line with the present CSPI (China Steel Price Index) and the international steel products price of CRU.

2, Compilation methodology of China Iron ore price index,

2.1, domestic price index

Sources:

The figures are collected via the domestic price information system of China Metallurgical Mining Enterprises Association. Based on the domestic iron ore output distribution and take into account the balance of administrative regions. the transaction domestic price including tax from 4 provinces and 32 mining areas are selected as the data base of domestic price index calculation. In 2014, the total output of the selected area made up 89.84% of the nation’s total output.

2.2, methodology

2.2.1, weight coefficient,

The weight coefficient was based on the proportion of iron ore output of the provinces in the previous year over the total output. (Adjustment was made every February according to the output in the previous year)

2.2.2, sample

A, the standard of 65% domestic iron ore sample is as follows:

Iron content: 65%, range: 60%-67%

Humidity: 8%, range: 6-10%

Silicon dioxide: 5%, range: 4-6%

Alumina: 0.75%, range: 0.3-1.2%

Phosphorous: less than 0.03%

Sulphur:  less than 0.05%

PH value: acidity based, alkalinity converted into acidity

Granularity: over 70% within 0.074mm

Quantity: contracted volume of each transaction no less than 1000 tons

Place: ex factory price of 14 provinces and 32 mining areas

Payment: *% in cash. Other ways of payment will be standardized as cash transaction

Unit of price assessment: RMB/ton with 17% value added tax

B, the standard sample of 62% domestic iron ore is the same as 65% content.

2.2.3, Price index compilation methodology:

The domestic dry concentration price with tax in the 14 provinces and 32 mining areas are converted into 65% content dry standard price with tax, according to which the domestic price are calculated by weigh average. The 65% price would not be converted into index.

The domestic dry concentration price with tax in the 14 provinces and 32 mining areas are converted into 62% content dry standard price with tax, according to which the domestic price are calculated by weigh average. The nation’s weigh average price index takes the price in Apr, 1994 as 100 points to calculate domestic iron ore price index.

2.3, imported price index

2.3.1, Sources:

The basic data of imported iron ore price are sourced from:

2.3.1.1, the import price direct report system based on the direct import iron ore contract price collected by enterprises daily

2.3.1.2, the import price direct report system based on the direct import iron ore spot price collected by enterprises daily

2.3.1.3, price of the direct import iron ore assessed by experts group on every working day   (calculated by USD)

2.3.1.4, price of the direct import iron ore assessed by personnel in charge of information on every working day   (calculated by USD)

2.3.1.5. Import iron ore spot price assessed by expert group on every working day (calculated by RMB with tax)

2.3.1.6, import iron ore spot price assessed by personnel in charge of information on every working day (calculated by RMB with tax)

2.3.1.7, the closing price change of dominant contract of Dalian Commodity Exchange on that day 

2.3.1.8, transaction price by the offer of CBMX platform on that day

2.3.1.9, transaction price by the offer of Global Ore on that day

2.3.2，Calculation Methodology

2.3.2.1, basic data

The basic data of Iron ore import price index consist 2 parts, contracted data and evaluated data.

Contracted data refers to firstly the price in USD of dry 62% and 58% exclusive of tax converted by the direct imported contract price, and the average CIF price was calculated by the weighed practical contract

Secondly the RMB price of 62% and 58% dry products converted by the imported contract price of the spot transaction, and the imported spot trade RMB price was calculated by the weighed practical contract

Thirdly the closing price change on every trading day of the import iron ore future dominant contract of Dalian Future Exchange

Fourthly the data reported by 30 experts and 79 liaison men from nationwide on every working day.

The comprehensive prices are calculated based on various proportions. Take the imported iron ore US price in Apr, 1994 as 100 points, the imported 62% Fe content iron ore CIF price was calculated for the imported iron ore price index.

The calculation of CIF USD price of 62% direct import iron ore and RMB price of the imported iron ore in spot trade are as follows:

First, convert all the contract data into 62% Fe content. The condition of screening is that the contract was signed on that day, and S,P, Al and Si was converted by the standard with the deduction of water and impurities.

Second , process the evaluation data submitted by the panels and researchers.

Third, collect the closing price data of Dalian Commodity Exchange, CBMX and Global Ore.

Fourth, based on the proportion, the 62% direct imported iron ore CIF USD price and imported iron ore spot trade RMB price with tax included are calculated via various data.

Fifth, based on the 62% Fe content domestic price and 62% direct imported iron ore CIR USD price, each index is calculated. China Iron Ore Price Index is comprehensively calculated based on the weight of each index.

The calculation of 58% Fe content direct imported iron ore USD CIF price and spot trade RMB price with tax included are likewise, but not included in the index calculation.

sample:

A, the standard of 62% direct imported CIF USD price is as follows:

Iron content: 62%, range: 60%-63.5%

Humidity: 8%

Silicon dioxide: 4.5%

Alumina:  2.00%

Phosphorous: 0.075%

Sulphur:  0.02%

Granularity: over 90% within 10mm

Quantity: contracted volume of each transaction no less than 35000 tons

Place: CIF price of Qingdao Port converted by the major port in China

Mode of ocean shipping: CFR (freight included) or CIF ( freight and premium included)

Sail schedule: within 2-4 weeks 

Payment: *% immediate payment. Other ways of payment will be standardized as cash transaction

Unit of price assessment: USD/ton without value added tax

B: The standard of imported iron ore spot trade RMB price with tax included are as follows:

Iron content: 62%, range: 60%-63.5%

Humidity: 8%

Silicon dioxide: 4.5%

Alumina:  2.00%

Phosphorous: 0.075%

Sulphur:  0.02%

Granularity: over 90% within 10mm

Quantity: contracted volume of each transaction no less than 10,000 tons

Place: CIF price of Qingdao Port converted by the major port in China

Payment: *% immediate payment. Other ways of payment will be standardized as cash transaction

Unit of price assessment: yuan /ton without value added tax

C, USD CIF price of 58% direct imported low aluminum iron ore:

Iron content: 58%, range: 50%-60%

Humidity: 9.5 %

Silicon dioxide: 5.5%

Alumina:  1.5%

Phosphorous: 0.05%

Sulphur:  0.02%

Granularity: over 90% within 10mm

Quantity: contracted volume of each transaction no less than 35000 tons

Place: CIF price of Qingdao Port converted by the major port in China

Mode of ocean shipping: CFR (freight included) or CIF ( freight and premium included)

Sail schedule: within 2-4 weeks

Payment: *% immediate payment. Other ways of payment will be standardized as cash transaction

Unit of price assessment: USD /ton without value added tax

D, 58% imported low aluminum iron ore spot trade RMB price with tax:

Iron content: 58%, range: 50%-60% (60% excluded)

Humidity: 9.5 %

Silicon dioxide: 5.5%

Alumina:  1.5%

Phosphorous: 0.05%

Sulphur:  0.02%

Granularity: over 90% within 10mm

Quantity: contracted volume of each transaction no less than 10,000tons

Place: CIF price of Qingdao Port converted by the major port in China

Payment: *% immediate payment. Other ways of payment will be standardized as cash transaction

Unit of price assessment: yuan /ton including value added tax

3, Price weight:

Direct imported CIF USD price and imported spot trade RMB price with tax are calculated by the average weigh of the practical contract volume. Premiums will be calculated according to standard for the quality difference.

Illustration:

China Iron Ore Price Index Adaption Methodology is jointly released by CISA, CCCMC and MMAC，and iron ore price index office account for the explanation of the policy.

Contact person: Zhao Wei and Diao Li

Tel: 010-65131884, 15010935233

Email: [email protected]