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

Platts, part of S&P Global Commodity Insights, will update the baseline quality specifications of its benchmark 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.

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

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

Platts quality specifications for lump premium and outright assessments will be updated as follows, effective Jan. 2:

All other specifications will remain unchanged.

Additional affected assessments are as follows:

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 Platts separate communication that it will update the baseline quality specifications of the IODEX iron ore fines benchmark, also effective Jan. 2, 2026, the lump premium will be assessed over a strip of 61%Fe iron ore fines and the outright lump assessment will reflect the 62% lump specification and 61% Fe fines basis.

Platts first proposed to update the quality specifications of its iron ore lump assessments in a June 10 subscriber note available here.

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.

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

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