Platts corrects May 30 Metals Asia Daily Iron Ore IODEX Commentary

In the Platts metals Asia daily iron ore IODEX commentary from S&P Global Commmodity Insights, it was published on May 30 that "However, narrow MACF discounts has generated some interest amongst some market participants for non-mainstream Roy Hill fines. "With around 60.7% Fe and a discount of 15%-16%, Roy Hill fines seem to be a comparable but cheaper alternative," said a Chinese trader source. "Whether or not it is able to replace MACF depends on sufficient long-term supply and if steel mills are able to use them in their blast furnace despite differences in specification," said another Chinese trader source."

This corrected commentary should have read "However, narrow MACF discounts has generated some interest amongst market participants with Roy Hill fines being more competitive, given its similar iron content. "With around 60.7% Fe, Roy Hill fines seem to be a comparable but cheaper alternative," said a Chinese trader source. "Whether or not it is able to replace MACF depends on sufficient long-term supply and if steel mills are able to use them in their blast furnace despite differences in specification," said another Chinese trader source. Additionally, low-grade Roy Hill MB fines which has a discount of 16%-17% against the 62% Fe iron ore index is also emerging as a potential alternative amidst an environment where cost efficiency remains key in procurement decisions."