Subscriber note: Platts to publish iron ore lump spot assessment May 15

Following extended industry feedback, Platts will publish from May 15 a weekly iron ore lump premium spot price assessment. The assessment will be a premium published on a dollar per dry metric ton unit basis, to the Platts 62%-Fe Iron Ore Index. Trade, bid and offer information obtained on a flat-price basis will be converted to a premium on a dmtu basis. The assessment will reflect the following underlying chemical specifications: 62.5% iron, 1.5% alumina, 3.5% silica, 0.075% phosphorus, 0.02% sulfur. It will reflect physical specifications of a maximum of 15% under 6.3 mm and at most 15% over 31.5 mm on a wet basis at the first discharge port. Metallurgical properties will not be specified, in line with current spot trading convention, as tests are not typically conducted on each cargo, whether at load or discharge port. Market participants evaluate the premium of each brand, incorporating chemical, physical and metallurgical properties, in large part based on prior knowledge of these properties and experience using it. Cargoes with a minimum parcel size of 50,000 mt will be considered, and trades on a CFR North China basis will be normalized to the port of Qingdao using prevailing freight differentials. The delivery window considered will be cargoes arriving two to eight weeks forward from the date of publication. The spot price assessment will be published in Platts SBB Steel Markets Daily and Platts Metals Alert. To provide feedback or for queries, please contact, by May 8, Keith Tan at keith_tan@platts.com with a copy to iodex@platts.com and pricegroup@platts.com.