Platts to update IODEX quality specifications to reflect 61% Fe effective Jan 2, 2026

Following market feedback, Platts, part of S&P Global Commodity Insights, will 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.

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

Specifications update

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

The assessment will continue to reflect medium-grade fines within a 60-63.5% range, normalized to a 61% Fe basis. All other specifications will remain unchanged.

The updated quality specifications will apply to the IOPEX suite of port stock 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 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 iron ore pellet, brand differentials and adjacent markets.

IODEX Basis Spread

With effect from July 1, 2025, Platts 62/61% Fe IODEX Basis Spread (daily FIOCS00; monthly average FIOCS03) has been converted from a calculated spread to a stand-alone assessment. Platts will assess the IODEX Basis Spread from July 1 until Dec. 31, providing a daily reference value aligned to updated IODEX specifications throughout the period of transition.

The assessment reflects the spread between current 62% Fe specifications and updated 61% Fe specifications, based on trades, bids, offers and other market information reported to Platts. Under the assessed approach to the IODEX Basis Spread, Platts may normalize market information to consider value differences arising from physical and metallurgical properties, consistency of quality and other factors.

The assessed Basis Spread differs from the calculated approach applied in June 2025 during the proposal period for the specifications update. The calculation, as published throughout June 2025, used Platts published value-in-use differential assessments for silica, alumina and phosphorus adjusted for iron content.

Platts continues to invite feedback on whether the introduction of a formula-based 61/62% Fe spread calculation would be helpful to market participants after the quality specification changes are implemented in January 2026. The spread would provide participants the opportunity to calculate a value in line with the old specification for contractual and analytical purposes after Jan. 2. Platts invites further market feedback, comments and questions by Sept. 30, 2025.

Launch of brand differentials to adjusted IODEX

Beginning July 1, 2025, Platts will publish a set of daily brand differentials adjusted to updated IODEX specifications. The additional data, which Platts will publish during the July-December 2025 transitional period, provides an indicative reference of daily brand spread values against an implied 61% Fe specification, complementing Platts established brand differentials against IODEX.

The new brand spreads reflect the following:

· Platts fixed price brand assessments according to typical brand specifications

· Minus IODEX 62% Fe CFR China

· Minus 62/61% Fe IODEX Basis Spread

The temporary series is published for the following brands: Pilbara Blend Fines, Newman High Grade Fines, Brazilian Blend Fines, Mining Area C Fines and Jimblebar Fines.

Details are as follows:

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 proposed to update the baseline quality specifications of the IODEX benchmark in a June 10 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, on the real-time Steel Raw Materials Alert and in the Platts price database.

The new brand differentials are published on Steel Raw Materials Alert and in the Platts price database under the symbols listed above. They will be added to SBB Steel Markets Daily from July 14.

Please send feedback, comments and questions to iodex@spglobal.com and pricegroup@spglobal.com.

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.