How are iron ore prices determined?

Platts IODEX is assessed daily through active market bids, offers, expressions of interest and confirmed trades observed in the physical iron ore market. Platts publishes headlines containing such pricing information through the day, and based on those inputs reflects where the standard, repeatable price of iron ore has traded, or is transactable, as of 5:30 pm Singapore/Beijing time (0930 GMT). Our iron ore prices are assessed through a rigorous, transparent and independently audited process. Understanding how the daily price is set is essential for anyone using it to price physical cargoes or financial instruments. The Market on Close (MOC) process Each trading day, S&P Global Energy Platts' iron ore editorial team collects bids, offers and confirmed trades from market participants in a real-time structured window (Platts eWindow) leading up to 5:30pm Singapore/Beijing time. This Market on Close methodology — the same approach used in other major commodity markets — ensures that the final assessed price reflects actual transactable market levels, not hypothetical valuations.

Why does an iron ore benchmark exist?

For decades, iron ore was priced through confidential annual negotiations between major mining companies and large steel mills in Asia. The resulting "benchmark" price was applied to the whole market for the following year. This system provided stability but limited transparency and made it impossible for smaller buyers to assess fair value. Platts replaced the annually negotiated benchmark pricing mechanism with a daily, independently assessed index that reflects real‑time spot market fundamentals, and supports physical trade, contract pricing and risk management. Since 2008, Platts IODEX has become the leading global price benchmark for iron ore.

What is iron ore 61% Fe price?

This refers to iron ore fines with a 61% iron content, which is the global standard specification. The 61% Fe CFR Qingdao price — the IODEX — is the headline benchmark for the entire seaborne iron ore market. Platts IODEX specifications define the standard reference assumptions used to assess and normalize iron ore transactions, ensuring that cargoes traded with different characteristics can be compared consistently and transparently. IRON ORE SPECIFICATION TABLE Location CFR Qingdao, China Other ports and freight terms normalized to this basis. Quality 61% Fe, 2.5% alumina, 4.5% silica, 0.1% phosphorus Timing Assessed daily at 5:30 pm Singapore/Beijing time (0930 GMT) Volume Reflects typical seaborne spot cargo sizes into China. Volume differences normalized for consistency. Learn more about the specifications.

Which iron ore fines make up the IODEX?

The IODEX basket comprises liquid, widely traded iron ore brands that together reflect the value of medium‑grade fines delivered into China. These brands provide the observable market data used to assess the benchmark price. While hundreds of different iron ore products coexist and compete in the market everyday, the five main brands in the medium fines category stand out. Pilbara Blend Fines (PBF) Mining Area C Fines (MACF) Newman High Grade Fines (NHGF) Jimblebar Fines (JMBF) Brazilian Blend Fines (BRBF)

Who uses the iron ore price index?

The IODEX is used across the full iron ore and steel value chain: Iron ore traders use daily IODEX assessments to mark their books, assess deal economics and manage cargo price risk in volatile markets. Steel producers use IODEX-linked pricing to fix the cost of raw material procurement and to manage margin risk through hedging. Mining companies price long-term supply contracts with reference to IODEX, ensuring transparent and market-linked revenue. Banks and financial institutions use IODEX as the settlement reference for iron ore swaps, options and structured financial products. Shipping and logistics companies use iron ore price trends as a leading indicator for bulk freight demand on key routes including Western Australia-China and Brazil-China. Governments and regulators in major producing and consuming countries reference IODEX data in trade statistics and policy analysis.

How can I learn more about the methodology?

You can explore our methodology in several ways: Methodology specifications and guides: Access our detailed methodology documents, which outline the pricing processes, data inputs, and editorial standards behind Platts IODEX. These guides are designed to provide full transparency into how our assessments are produced. Learn more > Become a Market on Close (MOC) participant: Engage directly in the pricing process by becoming a participant in our Market on Close (MOC) assessment. This allows you to submit bids, offers, and trades that help inform our daily price assessments. Contact our editorial team: If you have specific questions or need clarification, you can reach out directly to our editorial team via iodex@spglobal.com . They are available to provide further insight into methodology and market coverage. Attend Platts Methodology Explained events: Join our regular “Platts Methodology Explained” sessions to hear directly from our editors, gain deeper insights into our processes, and ask questions in a live setting. Learn more >

Platts Iron Ore Index (IODEX) Price Assessment

Platts IODEX

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What is the Iron Ore Price Index (IODEX)?

The iron ore price index is a daily spot price assessment that reflects the tradeable market value of iron ore fines delivered into China. It is expressed in US dollars per dry metric tonne ($/dmt) on a cost-and-freight (CFR) basis to Qingdao, the primary delivery point for seaborne iron ore imports into China.

The most widely used iron ore price index globally is the Platts IODEX (symbol: IODBZ00), published by S&P Global Energy. IODEX is based on a standard specification of iron ore fines with 61% iron (Fe) content. It serves as the primary pricing reference for the seaborne iron ore market and underpins a broad range of spot trades, long-term contracts and financial derivatives including iron ore swaps and futures.

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Our Price Explained

Location	CFR Qingdao, China Other ports and freight terms normalized to this basis.
Quality	61% Fe, 2.5% alumina, 4.5% silica, 0.1% phosphorus
Timing	Assessed daily at 5:30 pm Singapore/Beijing time (0930 GMT)
Volume	Reflects typical seaborne spot cargo sizes into China. Volume differences normalized for consistency.

Methodology

S&P Global Energy methodologies bring consistency and robustness to our price assessments through principles and parameters that guide our market specialists at every stage of the process.

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Platts Iron Ore Heards

Every movement matters

Market Heards are the real-time bids, offers and confirmed trades collected and published daily by S&P Global Energy Platts’ editorial team, providing full transparency into the data behind IODEX assessment.

Why Choose Platts IODEX?

Platts IODEX enables confidence, clarity, and consistency in Iron Ore pricing

Independence

IODEX is published by S&P Global Energy Platts, an independent price reporting agency with no proprietary trading positions and no commercial interest in the price. Our assessments reflect the market — nothing more, nothing less.

Transparency

Every bid, offer and confirmed trade collected during our daily Market on Close process is published in full for all market participants to see. There are no black boxes. Users can scrutinize every data point that feeds into assessment, and our editorial team publishes a daily rationale explaining the price outcome.

Trusted Methodology

Platts IODEX is aligned with IOSCO's Principles for Price Reporting Agencies — the globally recognized standard for commodity benchmarks. Our methodology is publicly available, regularly reviewed,and open to formal feedback from any market participant.

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TRADE REVIEW

Seaborne Iron Ore could see medium-grade prices diverge into Q1 on buying curbs

This report is part of the S&P Global Energy Metals Trade Review series, where we dig through datasets and digest some of the key trends in iron ore, metallurgical coal, copper, alumina, cobalt, lithium, nickel and steel and scrap.

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