Metals & Mining Theme, Ferrous
April 24, 2025
Platts proposes to update dollar, yuan monthly average calculations for China domestic iron ore concentrate
HIGHLIGHTS
Platts proposes to update $/dmt monthly average calculation
Platts proposes to launch new weekly $/dmt conversion, yuan/dmt monthly average
Platts, part of S&P Global Commodity Insights, proposes to update the $/mt monthly average and launch new monthly average and US dollar conversion calculations for its weekly China domestic iron ore concentrate price (SB01159), effective June 6.
Under the proposal, the formula used to calculate the US dollar conversion for the China domestic iron ore concentrate monthly average (SBMAJ03) would be updated to one that would be a monthly average of the new weekly $/dmt calculation of the China domestic iron ore concentrate price (SB02160). The weekly $/dmt calculation would be a conversion of the yuan/dmt China domestic iron ore concentrate price using the Platts assessment of the dollar-yuan exchange rate on the day of publication.
These changes would better account for exchange rate fluctuations between the US dollar and the yuan throughout the month.
Platts is also proposing to launch a monthly average of the China domestic iron ore concentrate price in yuan/dmt (SB02153).
The new and revised symbols would be as follows:
| Description | Status | Symbol | Frequency | Incoterm and location | Timing | Payment | UoM |
| IO Concentrate 66% Fe DDP Tangshan VAT-inclusive $/dmt | New | SB02160 | Weekly | DDP Tangshan, Hebei, China | Delivery within two weeks | Cash at sight | $/dmt |
| IO Concentrate 66% Fe DDP Tangshan VAT-inclusive Yuan/dmt Mavg | New | SB02153 | Monthly | DDP Tangshan, Hebei, China | Delivery within two weeks | Cash at sight | yuan/dmt |
| IO Concentrate 66% Fe DDP Tangshan VAT-inclusive $/dmt Mavg | Revised | SBMAJ03 | Monthly | DDP Tangshan, Hebei, China | Delivery within two weeks | Cash at sight | $/dmt |
The symbol SBMAJ03 appears in Steel Raw Materials Monthly, and all three symbols would be published in the Platts price database.
Platts invites feedback, comments and questions on the proposal to IODEX@spglobal.com and pricegroup@spglobal.com by May 7.
For written comments, please provide a clear indication if they are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make those not marked as confidential available upon request.