Platts updates IODEX quality specifications to reflect 61% Fe effective Jan 2, 2026

Following market feedback, Platts, part of S&P Global Energy, has updated the baseline quality specifications of its IODEX iron ore benchmark, effective Jan. 2, 2026, in view of degradation to the quality of Australian iron ore fines informing the assessment.

The benchmark index reflects 61% Fe iron ore fines, revised from 62%. Platts has also revised silica, alumina and phosphorus quality specifications to reflect higher impurities. The assessment description has been updated to IODEX CFR China from IODEX 62% Fe CFR China.

Specifications update

Platts has updated the iron, silica, alumina and phosphorus quality specifications for IODEX, effective Jan. 2:

The assessment continues to reflect medium-grade fines within a 60-63.5% range, normalized to a 61% Fe basis. All other specifications remain unchanged.

The updated quality specifications apply to the IOPEX suite of port stock assessments and import parity calculations, as well as the TSI Iron Ore Fines assessment, which is published at parity with IODEX:

Other assessments affected by the changes are listed at the following link. These include assessments published at a premium or discount to IODEX, such as iron ore pellet, brand differentials and adjacent markets.

Transitional Basis Spread

Following market feedback, Platts 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.

The launch of the 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 represents a calculated difference in value between the IODEX 61% Fe 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.

The 61/62% Fe Transitional Basis Spread will be published from Jan. 2, 2026, through to Dec. 31, 2027. 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 are as follows:

Discontinuation of 62/61% Fe IODEX Basis Spread

As previously communicated, Platts has discontinued 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 remains available for June-December 2025 while history for the brand differentials is available for July-December 2025.

The symbols of the temporary brand differentials are:

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 that Platts continues 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, 2025 subscriber note available here.

Platts proposed to update the baseline quality specifications of the IODEX benchmark in a June 10 subscriber note available here.

Platts communicated its decision to update the baseline quality specifications of the IODEX benchmark and publish the 62/61% Fe IODEX Basis Spread from July 1 to Dec. 31 in a July 1 subscriber note available here.

Platts communicated its decision to publish the 61/62% Fe Transitional Basis Spread in an Oct. 14 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.