Platts clarifies iron ore assessment approach for CFR China pellet premiums, fines floating price brand differentials

Platts clarifies that it will publish its CFR China iron ore pellet premium assessments and fines floating price brand differentials against iron ore fines derivatives with updated 61% Fe specifications, effective from when the underlying derivative will comprise 2026 dates.

The iron ore fines derivative assessments, which settle against Platts IODEX, will start reflecting updated specifications on a 61% Fe basis in line with the underlying assessment time period, as outlined in a Sept. 1 subscriber note, available here .

CFR China pellet premiums

Platts publishes the Iron Ore Spot Blast Furnace Pellet Premium 63% CFR China (IOCQS04) and Iron Ore Spot Blast Furnace Pellet Premium 65% CFR China (IOBFC04) as premiums over the underlying fines derivatives, normalized to the middle of their timing specifications of 14-56 days forward.

As the middle of the 14-56 day assessment window will reflect the January 2026 fines derivative from Nov. 27, 2025, Platts will assess the two pellet premiums from that date over the updated 61% Fe IODEX derivative basis, after normalizing for quality specifications.

Fines floating price brand differentials

Platts iron ore fines floating price brand differentials calculate the spread between the following:

• Platts fixed price brand assessments for the five main medium-grade brands, converted to an IODEX-aligned Fe basis

and

• Platts front-month derivative assessment (TSIPM01)

With effect from Dec. 1, 2025, when the front-month derivative will be the January 2026 contract, Platts will calculate the floating price brand differentials by converting its respective fixed price brand assessments to a 61% Fe basis, revised from a 62% Fe basis currently, and then subtracting from each of them the 61% Fe, January 2026 derivative.

Migration calendar

The following calendar details the dates when the underlying derivative relevant to each assessment will be updated:

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 .

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