Metals & Mining Theme, Ferrous

November 05, 2024

Platts proposes to update quality specifications of 63% Fe CFR China iron ore pellet assessments, effective Jan 2, 2025

Platts, part of S&P Global Commodity Insights, is proposing to update the quality specifications of its 63% Fe iron ore spot blast furnace pellet CFR China assessments, effective Jan. 2, 2025, to better reflect the specifications of material currently traded in the spot market.

The revised quality specifications, with higher alumina and silica content, would more closely reflect the current typical quality of 63% Fe iron ore pellets being traded in the seaborne market.

Platts has observed a change in alumina and silica content in seaborne 63% Fe iron ore pellets during the second half of 2024 and has feedback from market participants sharing the same observation.

Platts continuously reviews its assessment methodology and seeks to reflect the most up-to-date specifications observed for its market coverage.

The proposed change would see the assessments’ underlying alumina specification updated to 3.5% and that for silica amended to 4%, from 3% and 3.5%, respectively.

The assessments affected and the proposed updated quality specifications are listed in the table below:

Assessment Code Mavg Specs prior to Jan. 2, 2025 Specs effective Jan. 2, 2025
Iron Ore Spot Blast Furnace Pellet Premium 63% CFR China

IOCQS04

IOCQS03

 63% Fe, 3% alumina , 3.5% silica , 0.07% phosphorus, 0.008% sulfur and 230 Cold Crushing Strength (CCS) 63% Fe, 3.5% alumina , 4% silica , 0.07% phosphorus, 0.008% sulfur and 230 Cold Crushing Strength (CCS)
Iron Ore Spot Blast Furnace Pellet 63% CFR China

IOCQR04

IOCQR03

 63% Fe, 3% alumina , 3.5% silica , 0.07% phosphorus, 0.008% sulfur and 230 Cold Crushing Strength (CCS) 63% Fe, 3.5% alumina , 4% silica , 0.07% phosphorus, 0.008% sulfur and 230 Cold Crushing Strength (CCS)

Full details about the assessments can be found in the Platts Iron Ore specifications guide: https://www.spglobal.com/commodityinsights/en/our-methodology/methodology-specifications/metals/iron-ore-methodology

The assessments are published on fixed page 1161 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, comments and questions on this proposal to IODEX@spglobal.com and pricegroup@spglobal.com by Nov. 25, 2024.

Specifically, Platts is seeking feedback on the January 2025 implementation date of the proposed specification change.

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.