Metals & Mining Theme, Ferrous
June 06, 2025
Platts updates dollar, yuan monthly average calculations for China domestic iron ore concentrate
HIGHLIGHTS
Platts updates $/dmt monthly average calculation
Platts launches new weekly $/dmt conversion, yuan/dmt monthly average
Platts, part of S&P Global Commodity Insights, has updated the $/dmt monthly average and launched new monthly average and US dollar conversion calculations for its weekly China domestic iron ore concentrate price (SB01159), effective June 6, 2025.
The formula used to calculate the US dollar conversion for the China domestic iron ore concentrate monthly average (SBMAJ03) has been updated to one that is the monthly average of the new weekly $/dmt calculation of the China domestic iron ore concentrate price (SB02160). The weekly $/dmt calculation is 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 better account for exchange rate fluctuations between the US dollar and the yuan throughout the month.
Platts has also launched a monthly average of the China domestic iron ore concentrate price in yuan/dmt (SB02153).
The new and revised symbols are as follows:
| Description | Status | Symbol | Frequency | Incoterms 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 are published in the Platts price database.
Platts initially proposed the changes in an April 24 subscriber note available at: https://www.spglobal.com/commodity-insights/en/pricing-benchmarks/our-methodology/subscriber-notes/042425-platts-proposes-to-update-dollar-yuan-monthly-average-calculations-for-china-domestic-iron-ore-concentrate
Platts communicated its decision to implement the changes in a subscriber note published May. 9 at: https://www.spglobal.com/commodity-insights/en/pricing-benchmarks/our-methodology/subscriber-notes/050925-platts-to-update-dollar-yuan-monthly-average-calculations-for-china-domestic-iron-ore-concentrate
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