Platts adds extension state to Asia iron ore MOC, updates timing and increment guidelines

Platts, part of S&P Global Commodity Insights, introduced an extension state to its Asia iron ore Market on Close (MOC) assessment process effective Sept. 18, 2023, to adequately test the repeatability of pricing data published near market close.

Platts is updating its metals timing and increment guidelines to reflect the following extension timing:

• Extension trigger: a two-minute extension trigger period from 17:28:00 to 17:30:00, during which a repeat or change in price of a standing bid or offer would trigger an extension
• Extension state: a two-minute extension from 17:30:01 to 17:32:00 to test the repeatability of orders repeated or changed near the close

The extension applies to the MOC process for physical cargoes, port stocks and derivatives. All other MOC timing and increment guidelines remain unchanged.

Full details on Metals timing and increments guideline can be found here:

https://www.spglobal.com/commodityinsights/en/our-methodology/methodology-specifications/metals/metals-moc-timing-and-increment-guidelines

Platts full iron ore assessment specifications are available here:

https://www.spglobal.com/commodityinsights/en/our-methodology/methodology-specifications/metals/iron-ore-methodology

Please send comments or 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.