Subscriber note: Platts proposes new 58% Fe iron ore price assessment

Platts is proposing to publish a new daily 58% Fe iron ore price assessment. This assessment would specify low alumina 58% Fe spot trades, containing 1.5% alumina, 5.5% silica 0.05%, phosphorus, 0.02% sulfur and 8% moisture. The assessment would be in $/dry mt, CFR Main Chinese ports, normalized to Qingdao in North China. Freight differentials and FOB netbacks will be market determined using prevailing market rates. Minimum cargo size would be 35,000 mt delivered 2-8 weeks forward from date of publication; 100% payment at sight - all variation normalized to this standard. It would run concurrently alongside the existing (IODFE00) Iron Ore Fines 58% Fe, daily assessment basis CFR North China, as published in Steel Markets Daily, Platts Market Data, and on Platts Metals Alert page MW1105. It will also be available on the Price Analyzer. Please email feedback or comments by July 15 2013, to: Annalisa Jeffries, annalisa.jeffries@platts.com, keith.tan@platts.com with a cc to pricegroup@platts.com