Metals & Mining Theme, Ferrous

February 06, 2025

Platts corrects 62% Fe IODEX, brand assessments, corresponding rationales and commentary of Feb. 5

Platts, part of S&P Global Commodity Insights, has corrected the 62% Fe Iron Ore Index and brand assessments published Feb. 5, 2025.

The corrected assessments are:

Symbol Assessment name Price ($/dmt)
IODBZ00 IODEX CFR China 62% Fe $104.45
IOBBA00 Brazilian Blend Fines CFR Qingdao $106.20
IOBBB00 Brazilian Blend Fines CFR Qingdao (Floating) $0.75
IOJBA00 Jimblebar Fines CFR Qingdao $96.30
IOJBB00 Jimblebar Fines CFR Qingdao (Floating) -$5.10
IOMAA00 Mining Area C Fines CFR Qingdao $98.85
IOMAB00 Mining Area C Fines CFR Qingdao (Floating) -$2.65
IONHA00 Newman High Grade Fines CFR Qingdao $101.40
IONHB00 Newman High Grade Fines CFR Qingdao (Floating) -$1.90
IOPBQ00 Pilbara Blend Fines CFR Qingdao $102.50
IOPBS00 Pilbara Blend Fines CFR Qingdao (Floating) $0.40

The following cascaded price assessments and calculations were also corrected:

Symbol Assessment name CURR/UOM Price
AATIV00 US Scrap Iron Ore Daily Ratio $/mt 3.67
AOPFE00 HRC ASEAN Spread USD/MT $/mt 204.68
AOPKE00 HRC China Export Spread USD/MT $/mt 184.68
AOPLE00 Rebar China Export Spread USD/MT $/mt 191.68
CAIAA00 Carbon-Accounted IODEX $/dmt 105.32
IOALB00 Iron Ore 65% Fe Differential to IODEX $/dmt 13.55
IOALC00 Iron Ore 58%Fe Differential to IODEX $/dmt -14.1
IODBZ04 IODEX CFR CHINA 62% Fe $/DMt MTD $/dmt 104.97
IONBA00 IODEX NtBk FOB Aus $/DMt $/dmt 97.27
IONBB00 IODEX NtBk FOB Brazil $/DMt $/dmt 85.82
IONBI00 IODEX NtBk FOB WIndia PMax $/Dmt $/dmt 96.02
IONBR00 IODEX NtBk Rotterdam $/DMt $/dmt 94.34
IONSA00 IODEX NtBk FOB S Afr $/DMt $/dmt 91.56
PLINM00 Platts Industrial Materials Index $/mt $/mt 2080.695
TS01021 TSI Iron Ore Fines 62% Fe CFR China $/dmt 104.45
TSMBY03 TSI Iron Ore Fines 62% Fe CFR China Rolling MAvg $/dmt 104.97

In the IODEX rationale, the sentences stating the IODEX and Brazilian Brand Fines normalization should read:

"The 62% Fe Iron Ore Index was at $104.45/dry mt CFR North China on Feb. 5, down $1/dmt from Feb. 4, according to the Platts assessment by S&P Global Commodity Insights, in line with a Brazilian Blend Fines (BRBF) trade.

At 5:29 pm Singapore time, Vale sold a 170,000 mt cargo of BRBF at $104.45/dmt CFR Qingdao on 62% Fe basis, on COREX, with a loadport laycan of March 3- 12 from Teluk Rubiah to Qingdao.

Taking into account the impurity adjustments and timing, the trade normalized to $104.46/dmt on IODEX specifications."

In the 65% Fe CFR China rationale, the sentence stating the 65%-62%Fe spread should read:

"Platts assessed the 65% Fe North China Index at $118/dry mt CFR North China on Feb. 5, down $1.15/dmt from Feb. 4, narrowing the spread between the 65% and 62% Fe iron ore indexes to $13.55/dmt."

The rationales appear in SBB Steel Market Daily, as well as fixed pages STL1109 and PMA1109.

The IODEX commentary stating the price assessment should read:

"Platts assessed the 62% Fe Iron Ore Index at $104.45/dry mt CFR North China on Feb. 5, down $1/dmt from Feb. 4."

The prices are published in Steel Markets Daily, Steel Price Report, World Steel Review, Global Market Outlook and Steel Raw Materials Monthly, in the real-time Platts Steel and Raw Materials Alert and Platts Market Data.

For questions or comments, please email IODEX@spglobal.com or pricegroup@spglobal.com.