Platts proposes to launch Indian domestic direct reduced iron price assessment

Platts, part of S&P Global Commodity Insights, is proposing to launch a daily pellet-based Indian domestic direct reduced iron spot price assessment on an ex-works Raipur, Chhattisgarh basis, effective Sept. 23, 2024.

India is one of the largest producers of DRI in the world, producing about 51 million metric tons per year of this material, according to the International Iron Metallics Association. DRI is used as a raw material for steelmaking and there are expectations for DRI production to grow alongside the increase of steelmaking capacities in India. The proposed assessment seeks to reflect spot prices in this increasingly important market.

The proposed assessment would have the following specifications:

The assessment would reflect a 5:30 pm Singapore timestamp and follow the Singapore holiday calendar.

Platts assessments consider market information reported to Platts and published through the day, including firm bids and offers, transactions and indications, as well as any other information deemed relevant to the assessment process.

Full description of the Platts assessments methodology can be found here: /content/dam/spglobal/ci/en/documents/platts/en/our-methodology/methodology-specifications/Platts-Assessments-Methodology-Guide.pdf

The assessment, its $/mt conversion and associated monthly averages would be published on a fixed page of the real-time Platts Steel Alert and Platts Metals Alert, in SBB Steel Markets Daily and in the Platts price database.

Platts invites feedback on this proposal to IODEX@spglobal.com and pricegroup@spglobal.com by Aug. 30, 2024.

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.