Platts adds to iron ore forward curve, netbacks

After a period of industry feedback, Platts has decided to launch on August 2 additional daily iron ore forward OTC paper swaps assessments to extend the forward curve beyond its existing iron ore swaps assessments.

The new assessments for IODEX 62% will include a third-month forward swap assessment (for example, currently October), to be named IODEX ppr swaps Mo 3, a second-quarter forward assessment, to be called IODEX ppr swaps Qtr 2, and next calendar year swaps assessment, IODEX ppr swaps CFR Qingdao CY01, complementing existing assessments for Month 1, Month 2 and Quarter 1.

These assessments reflect prevailing value in the over-the-counter market of the Platts IODEX-based swaps at 18:30 Singapore time.

Monthly contracts will roll forward on the first working day of each calendar month.

The existing "Next Quarter" assessment will be renamed "Qtr 1." These new swaps assessments will be published on Platts Metals Alert page 1113 and in Steel Markets Daily and will be available in Dispatch category FA.

Platts has also decided to launch on August 2 an additional iron ore freight netback reflecting the $/wet metric ton freight rate for standard shipments of iron ore between the West Coast of India and the delivery hub of Qingdao in North China on vessel type Panamax.

This new assessment will be published on Platts Metals Alert page 1106 and in Steel Markets Daily and will be available in Dispatch category FA.

Detailed methodology and specifications can be found at: http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpec s/ironore.pdf or http://bit.ly/ironore Please direct any questions or comments to Iodex@platts.com with a CC to pricegroup@platts.com.