Clarification to the Platts iron ore methodology

Platts has decided not to amend the specification of its IODEX assessment for 62%-Fe iron ore fines at this time, following a period of industry feedback.

Platts has decided to amend as proposed its 63.5/63%-Fe iron ore fines assessment to reflect higher impurities (gangue). Platts will normalize trade data to the proposed base standard beginning January 4, 2011, at which time the specification for its 63.5/63%-Fe assessment will reflect maximum content of 3.5% alumina and 3.5% silica.

Platts also invites comments and feedback from all market participants on a proposal to launch March 1, 2011, an additional 62%-Fe fines assessment with higher gangue equal to the 63.5/63%-Fe specification to aid transparency of the normalization process and discovery of the 1%-of-Fe differential. This consultation period will be open until February 11, 2011, and after considering the industry's feedback, a Platts decision will be made and communicated to the market prior to March 1.

To provide feedback, comments, or pose any questions, please contact: Keith Tan, keith_tan@platts.com; Annalisa Jeffries, annalisa_jeffries@platts.com, or Francis Browne, francis_browne@platts.com, with a cc to pricegroup@platts.com, by February 11, 2011.