24 Sep 2021 | 06:17 UTC

Platts proposes to change specifications, increase frequency and rename 64% CFR China Iron Ore Pellets Assessments

S&P Global Platts is proposing to update the specifications, increase the frequency of publication and rename its 64% Fe Iron ore spot blast furnace pellet CFR China assessments, effective Jan. 3, 2022.

SPECIFICATION CHANGE: Platts proposes to amend the specifications of its 64% Fe Iron ore spot blast furnace pellet premium CFR China assessment (IOCQS04) and 64% Fe Iron ore spot blast furnace pellet outright CFR China assessment (IOCQR04) to 63% Fe, 3% alumina, 3.5% silica, 0.07% phosphorus, 0.008% sulfur and 230 Cold Crushing Strength (CCS), from 64% Fe, 2.7% alumina, 3.5% silica, 0.08% phosphorus, 0.008% sulfur and 230 CCS currently, effective Jan. 3, 2022. The proposed specifications are more closely aligned with major iron ore pellet products seen trading in the market.

ASSESSMENT FREQUENCY: The frequency of the assessments would be increased to daily. The assessments are currently published on Wednesday. Platts' other iron ore pellet assessments will be unaffected, including Iron Ore Spot Blast Furnace Pellet Premium 65% CFR China (IOBFC04), which will continue to be assessed on a weekly basis, every Wednesday.

ASSESSMENT NAMES: The assessments will be renamed as "Iron Ore Spot Blast Furnace Pellet Premium 63% CFR China" and "Iron Ore Spot Blast Furnace Pellet 63% CFR China" respectively.

The assessments that will be impacted and their respective monthly average assessments are as follows:

Assessment

Code

Mavg

Specs effective Jan. 3, 2022

Specs prior to Jan. 3, 2022

Iron Ore Spot Blast Furnace Pellet Premium 64% CFR China

IOCQS04

IOCQS03

63% Fe, 3% alumina, 3.5% silica, 0.07% phosphorus, 0.008% sulfur and 230 Cold Crushing Strength (CCS)

64% Fe, 2.7% alumina, 3.5% silica, 0.08% phosphorus, 0.008% sulfur and 230 Cold Crushing Strength (CCS)

Iron Ore Spot Blast Furnace Pellet 64% CFR China

IOCQR04

IOCQR03

63% Fe, 3% alumina, 3.5% silica, 0.07% phosphorus, 0.008% sulfur and 230 Cold Crushing Strength (CCS)

64% Fe, 2.7% alumina, 3.5% silica, 0.08% phosphorus, 0.008% sulfur and 230 Cold Crushing Strength (CCS)

The proposals come in response to changes in product specifications, growth in pellet spot market liquidity and industry demand for more frequent assessments. Platts has conducted wide industry consultation before making the proposal, and welcomes any additional feedback.

The affected assessments are published on the fixed page 1161 of the real-time Platts Steel Alert and Platts Metals Alert, on SBB Steel Markets Daily, in Platts Market Center and in the Platts price database.

Please send all comments, feedback and questions to IODEX and pricegroup by Oct. 29, 2021. 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.