Metals & Mining Theme, Ferrous
October 14, 2025
Platts to publish 61/62% Fe Transitional Basis Spread to support IODEX migration
Following market feedback, Platts, part of S&P Global Commodity Insights, will start publishing a daily 61/62% Fe Transitional Basis Spread (daily FIOTB00 ; monthly average FIOTB03) to support the migration to updated IODEX specifications, with effect from Jan. 2, 2026.
This follows Platts July 1 communication that it will update the baseline quality specifications of its IODEX CFR China iron ore benchmark. Effective Jan. 2, 2026, IODEX will reflect 61% Fe iron ore fines, revised from 62% currently, alongside higher impurities for silica, alumina and phosphorus. Full details are available here.
The upcoming launch of a 61/62% Fe Transitional Basis Spread responds to feedback indicating support by a segment of the market for a longer transition period in migrating to the updated specifications. The new spread will represent a calculated difference in value between the updated IODEX 61% specifications and the pre-Jan. 2, 62% Fe specifications, providing participants the opportunity to calculate an implied 62% Fe value for contractual and analytical purposes.
Timelines, Formula
The 61/62% Fe Transitional Basis Spread will be published from Jan. 2, 2026, through to Dec. 31, 2027, to provide participants with an extended period of transitional reference data supporting migration to the updated IODEX specifications. Over time, Platts may consider further extending the basis spread publication period dependent on market feedback.
The spread will be published as a positive value, calculated based on IODEX and Platts daily value-in-use differential assessments for silica, alumina and phosphorus adjusted for iron content, using the following formula:
61/62% Fe Transitional Basis Spread = Updated IODEX basis 61% Fe/61*62 + Total value-in-use difference for impurity contents between 61% Fe- and 62% Fe-basis specifications – Updated IODEX basis 61% Fe
Calculations for the total value-in-use difference for impurity contents between 61% Fe- and 62% Fe-basis specifications will be as follows:
| Impurity content | Updated IODEX 61% Fe-basis specifications | Pre-Jan. 2 IODEX 62% Fe-basis specifications | Differential assessment (symbol) | Value-in-use difference between 61% Fe- and 62% Fe-basis specifications |
| Silica | 4.5 | 4 | Iron Ore Silica Differential per 1% with 3-4.5% (IOALF00) | IOALF00 * (4.5-4) |
| Alumina | 2.5 | 2.25 | Iron Ore Alumina Differential per 1% with 1-2.5% (IOADF10) | IOADF10 * (2.5-2.25) |
| Phosphorus | 0.1 | 0.09 | Iron Ore Phosphorus Differential per 0.01% with 0.09-0.10% (IOPPR00) | IOPPR00 * (0.1-0.09)/0.01 |
Discontinuation of 62/61% Fe IODEX Basis Spread
As previously communicated, Platts will discontinue the temporary 62/61% Fe IODEX Basis Spread (daily FIOCS00; monthly average FIOCS03) and daily brand differentials adjusted to updated IODEX specifications, effective Dec. 31, 2025.
Data history for the 62/61% Fe IODEX Basis Spread will remain available for June-December 2025 while history for the brand differentials will be available for July-December 2025.
The symbols of the temporary brand differentials are:
| Description | Symbol (monthly average) |
| Pilbara Blend Fines CFR Qingdao Brand Diff (to IODEX minus Basis Spread) $/dmt | PBFQB00 (PBFQB03) |
| Brazilian Blend Fines CFR Qingdao Brand Diff (to IODEX minus Basis Spread) $/dmt | BBFBT00 (BBFBT03) |
| Newman HG Fines CFR Qingdao Brand Diff (to IODEX minus Basis Spread) $/dmt | NHGBT00 (NHGBT03) |
| Mining Area C Fines CFR Qingdao Adjusted Brand Diff (to IODEX minus Basis Spread) $/dmt | MCQBT00 (MCQBT03) |
| Jimblebar Fines CFR Qingdao Adjusted Brand Diff (to IODEX minus Basis Spread) $/dmt | JCQBT00 (JCQBT03) |
Platts would like to remind participants that its Iron Ore Fe Differential per 1% (60-63.5% Fe Fines) (IOMGD00) assessment represents the value of 1% Fe net of gangue elements for ores with a 60-63.5% Fe content, and Platts will continue to publish this assessment beyond Jan. 2, 2026.
Platts opened a formal consultation on the baseline quality specifications of its IODEX iron ore benchmark in an April 17 subscriber note available here.
Platts proposed to update the baseline quality specifications of the IODEX benchmark and first invited feedback on a calculated transition spread post-Jan. 2, 2026, in a June 10 subscriber note available here.
Platts communicated a decision to update the baseline quality specifications of the IODEX benchmark and extended the period for feedback from the market on the need for the introduction of a calculated spread post-Jan. 2, in a July 1 subscriber note available here.
Platts iron ore assessments are published in SBB Steel Markets Daily, Steel Price Report, World Steel Review, Steel Raw Materials Monthly and Global Market Outlook, on the real-time Steel Raw Materials Alert and in the Platts price database.
Please send feedback, comments and 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.