Platts proposes to update IODEX quality specifications to reflect 61% Fe effective Jan 2, 2026; launches Basis Spread June 2025

Following market consultation, Platts, part of S&P Global Commodity Insights, proposes to update the baseline quality specifications of its IODEX iron ore benchmark, effective Jan. 2, 2026, in view of confirmed degradation to the quality of Australian iron ore fines informing the assessment.

Under this proposal, the benchmark index would reflect 61% Fe iron ore fines, revised from 62% currently. Platts would also revise silica, alumina and phosphorus quality specifications to reflect higher impurities. The assessment description would be updated from IODEX 62% Fe CFR China to IODEX CFR China.

The updated quality specifications would also apply to Platts IOPEX port stock assessments and TSI Iron Ore Fines assessment.

Proposed specifications update

Platts proposes to update the iron, silica, alumina and phosphorus quality specifications for IODEX, effective Jan. 2:

The updated IODEX CFR China price assessment would have baseline specifications more closely reflecting those of major medium-grade fines traded in the market. The assessment would continue to reflect medium-grade fines within a 60-63.5% range, normalized to a 61% Fe basis.

All other specifications would remain unchanged.

The updated quality specifications would apply to the IOPEX suite of assessments and import parity calculations, as well as the TSI Iron Ore Fines assessment, which is published at parity with IODEX:

Other assessments affected by the proposed changes are listed at the following link(opens in a new tab). These include assessments published at a premium or discount to IODEX, such as brand differentials and adjacent markets.

IODEX Basis Spread

With effect from June 10, Platts will start publishing a daily 62/61% Fe IODEX Basis Spread (daily FIOCS00; monthly average FIOCS03) representing the calculated difference in value between current and proposed specifications. The spread will provide market participants with a daily reference value aligned to the proposed specifications update.

The calculation makes use of Platts published value-in-use differential assessments for silica, alumina and phosphorus adjusted for iron content.

Platts is additionally backfilling the calculated spread for June 2-9 to address the need for a physical market reference price for the proposed specifications for the whole month of June (see table). This can be achieved by subtracting the Basis Spread from the IODEX benchmark index.

If the proposed changes are confirmed, Platts would convert the IODEX Basis Spread from a calculation to an assessed value of the differential between current 62% Fe specifications and future 61% Fe specifications, based on trades, bids, offers and other market information reported to Platts. The assessed spread would be published from the date Platts confirms the proposed changes up until Dec. 31, 2025, providing reference prices for the entire transition period.

Calculated Transition Spread post-January 2026

Platts is evaluating initial feedback that transitional calculations may be helpful for some market participants after the January 2026 implementation of the proposed quality specification changes. In the event that the proposed changes are confirmed, Platts invites feedback on the following:

- Publishing a calculated value from Jan. 2, 2026, to reflect the differential between IODEX and the pre-Jan. 2 62% Fe specifications. This calculated spread would allow the market to derive the value of the prior IODEX specifications. This can be achieved by adding the proposed transition spread to the IODEX benchmark index.

Platts opened a formal consultation on the baseline quality specifications of its IODEX iron ore benchmark in an April 17 subscriber note available here(opens in a new tab).

Platts iron ore assessments are published in SBB Steel Markets Daily, Steel Price Report, World Steel Review, Steel Raw Materials Monthly and Global Market Outlook and on the real-time Steel Raw Materials Alert.

Platts invites feedback, comments and questions on this proposal to iodex@spglobal.com and pricegroup@spglobal.com by June 25.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.