Platts clarifies its Atlantic Iron Ore BF pellet contract premium for Jan 2026 assessment

Platts, part of S&P Global Energy, would like to clarify the basis of its Atlantic Iron Ore Blast Furnace Pellet Contract Price Premium (Basis IODEX) [IOBFP00] will continue to reflect the additional charge over the quality-adjusted iron ore fines on a 62% Fe basis, until contractual premiums are observed to have migrated to settling against the updated IODEX reflecting 61% Fe iron ore fines.

This follows market feedback that contract price settlements for the first quarter of 2026 continue to be negotiated or rolled over from Q4 as a premium over the current IODEX benchmark on a 62% Fe basis. As and when Platts observes contracts to have settled against the updated IODEX specifications reflecting 61% Fe fines, the assessed premiums will reflect this new basis. This will be announced to the market via additional subscriber notes in line with Platts editorial standards.

Platts has separately announced it will begin publishing a new Atlantic Iron Ore Blast Furnace Pellet Contract Price Premium (basis 65% Fe fines) [FIOTC03] from Jan. 2, 2026. This follows market feedback indicating higher liquidity and usage of Atlantic pellet premium contract settlements over 65% Fe fines. More details can be found here: Platts to reshape Atlantic iron ore blast furnace pellet premium assessments | S&P Global.

Platts published premia for Atlantic Iron Ore Blast Furnace Pellet Contract Price over IODEX and 65% Fe fines reflecting contract settlements for the prevailing period, between multiple pellet producers and buyers. In the event of no confirmed settlements covering loading for the month the assessment is published, Platts considers provisional contract pricing and related market data.

Effective Jan. 2, 2026, Platts IODEX CFR China iron ore benchmark will reflect 61% Fe iron ore fines, revised from 62% currently, alongside higher impurities for silica, alumina, and phosphorus. Full details are available here. Platts will also start publishing a daily 61/62% Fe Transitional Basis Spread (daily FIOTB00; monthly average FIOTB03) to support the migration to updated IODEX specifications, commencing Jan. 2.

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.

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