Platts updates seaborne CFR China iron ore lump quality specifications

Platts, part of S&P Global Energy, has updated the baseline quality specifications of its benchmark CFR China iron ore spot lump premium assessment, effective Jan. 2, 2026, in view of degradation to the quality of Australian iron ore lump informing the assessment.

Following market feedback, the assessment reflects 62% Fe iron ore lump, revised from 62.5% previously, in alignment with the iron content of cargoes traded in the market. Platts has also revised alumina and phosphorus quality specifications to reflect higher impurities. The assessment description has been updated to Iron Ore Spot Lump Premium CFR China.

The updated quality specifications for alumina and phosphorus also apply to the Platts Iron Ore Lump Outright Price CFR China assessment.

Platts quality specifications for lump premium and outright assessments have been updated as follows, effective Jan. 2:

All other specifications have remained unchanged.

Additional affected assessments are as follows:

Platts assesses the iron ore lump premium in US dollars per dry metric ton unit ($/dmtu) over a corresponding forward strip of 62% Fe iron ore fines, which is a proxy value calculated by using 62% Fe iron ore fines derivatives. The outright price is assessed by taking into account the lump premium and the iron ore fines strip.

Under Platts' separate communication, it has updated the baseline quality specifications of the IODEX iron ore fines benchmark, also effective Jan. 2, 2026. The lump premium is assessed over a strip of 61% Fe iron ore fines and the outright lump assessment reflects the 62% lump specification and 61% Fe fines basis.

Platts first proposed to update the quality specifications of its iron ore lump assessments in a June 10 subscriber note available here.

Platts communicated its decision to update the quality specifications of its iron ore lump assessments in a July 1 subscriber note available here.

Platts clarified its approach to its CFR China iron ore lump outright price assessment in a Dec. 10 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.