Metals & Mining Theme, Ferrous

June 10, 2025

Platts proposes to update seaborne iron ore lump quality specifications effective Jan 2, 2026

HIGHLIGHTS

Proposal to align iron ore lump premium baseline specifications with cargo quality changes

Proposed quality specifications would reflect 62% Fe, higher alumina and phosphorus

Platts, part of S&P Global Commodity Insights, proposes to update the baseline quality specifications of its benchmark 62.5% Fe CFR China iron ore spot lump premium assessment, effective Jan. 2, 2026, in view of degradation to the quality of Australian iron ore lump informing the assessment.

Under this proposal, the assessment would reflect 62% Fe iron ore lump, revised from 62.5% currently, in alignment with the iron content of cargoes traded in the market. Platts would also revise alumina and phosphorus quality specifications to reflect higher impurities. The assessment description would be updated to Iron Ore Spot Lump Premium CFR China.

The updated quality specifications for alumina and phosphorus would also apply to the Platts Iron Ore Lump Outright Price CFR China assessment.

Platts proposes to update the quality specifications for lump premium and outright assessments as follows, effective Jan. 2:

SymbolCurrent quality specificationsProposed quality specifications effective Jan. 2, 2026Current assessment descriptionProposed assessment description effective Jan. 2, 2026
IOCLP0062.5% Fe, 4% moisture, 3.5% silica, 1.5% alumina, 0.075% phosphorus, 0.02% sulfur62% Fe, 4% moisture, 3.5% silica, 1.7% alumina, 0.09% phosphorus, 0.02% sulfurIron Ore Spot Lump Premium 62.5% CFR ChinaIron Ore Spot Lump Premium CFR China
IOCLS0062% Fe, 4% moisture, 3.5% silica, 1.5% alumina, 0.075% phosphorus, 0.02% sulfur62% Fe, 4% moisture, 3.5% silica, 1.7% alumina, 0.09% phosphorus, 0.02% sulfurIron Ore Lump Outright Price CFR ChinaIron Ore Lump Outright Price CFR China (No change)

All other specifications would remain unchanged.

The affected assessments would be as follows:

SymbolAssessment description
IOCLP03Iron Ore Spot Lump Premium China $/dmtu MAvg
IOCLS03Iron Ore Lump Outright Price CFR China MAvg
IOCLZ03Iron Ore Spot Lump Premium China $/dmtu Rolling MAvg
IOCLS33Iron Ore Lump Outright Price CFR China Rolling MAvg
AAQUA00Iron Ore Lump Premium Current Month $/dmtu
AAQUA01Iron Ore Lump Premium Mo01 $/dmtu
AAQUA02Iron Ore Lump Premium Mo02 $/dmtu
AAQUA03Iron Ore Lump Premium Mo03 $/dmtu

Platts assesses the iron ore lump premium in US dollars per dry metric ton unit ($/dmtu) over a corresponding forward strip of 62% Fe iron ore fines, which is a proxy value calculated by using 62% Fe iron ore fines derivatives. The outright price is assessed by taking into account the lump premium and the iron ore fines strip.

Under a separate proposal to update the baseline quality specifications of the IODEX iron ore fines benchmark, (opens in a new tab)also effective Jan. 2, 2026, the lump premium would be assessed over a strip of 61% Fe iron ore fines and the outright lump assessment would reflect the 62% lump specification and proposed 61% Fe fines basis.

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.