Platts consults on continuation of iron ore 61/62% Fe Transitional Basis Spread

Platts, part of S&P Global Energy, is inviting feedback on the potential extension of its 61/62% Fe Transitional Basis Spread, in light of the market's continued transition to pricing iron ore on a 61% Fe basis.

Platts is seeking market feedback on whether to continue publishing the spread beyond Dec. 31, 2027. If market participants support an extension, Platts also invites views on an appropriate end date.

Effective Jan. 2, 2026, Platts updated the baseline quality specifications of its IODEX assessment to reflect the degradation in the quality of Australian iron ore fines informing the assessment. The benchmark specifications were revised from 62% Fe to 61% Fe, with corresponding adjustments to silica, alumina and phosphorus specifications.

To support market participants with contractual and analytical requirements during the transition to the updated specifications, Platts launched the 61/62% Fe Transitional Basis Spread, published daily as FIOTB00 and as a monthly average under FIOTB03, currently scheduled to be published through Dec. 31, 2027, as communicated in a Jan. 2, 2026, subscriber note available here.

Platts understands that the 61/62% Fe Transitional Basis Spread, together with IODEX, is used as a pricing basis in iron ore and steel contracts.

Platts invites feedback, comments and questions to iodex@spglobal.com and pricegroup@spglobal.com by Nov. 13, 2026.

For written comments, please clearly indicate if they are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make those not marked as confidential available upon request.