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S&P Global Platts to consolidate 58%-Fe iron ore coverage under single assessment

Platts will consolidate its 58%-Fe iron ore coverage under a single assessment effective May 1, 2020, a decision that involves a change of specifications for Platts 58% iron ore fines assessment (IODFE00) and the discontinuation, effective October 1, 2020, of Platts & TSI IO Fines 58% Fe low alumina iron ore fines CFR China assessments (IONC580 & TS01047).

Platts launched a formal proposal on January 31, 2020, in a subscriber note available here: Market participants across the supply chain stated that the amendments would be more reflective of current iron ore brands with Fe content below 60% in the market, and that the change would allow for liquidity in this segment of the market to be pooled together around a single assessment.

58%-FE FINES SPECIFICATION CHANGE: Platts will amend the specifications of the 58% iron ore fines assessment (IODFE00) to 2.9% alumina, 6% silica and 0.06% phosphorus, from 4% alumina, 5% silica and 0.05% phosphorus currently, effective May 1, 2020.

The amended specifications are aligned with the major Australian iron ore brands in this segment of the market, but also reflect closely the average specification of global iron ore brands in this segment of the market. Under the new specifications, iron ore fines with Fe content below 60%, including the brands that currently fall under the assessment for 58% low alumina iron ore fines CFR China index (IONC580 & TS01047), may be considered under the 58% iron ore fines CFR China index and normalized according to Value-in-Use (VIU) assessments and observed brand relativities. In addition, spreads and dynamics in the Chinese portside market will be observed as indicative factors to help calibrate VIU adjustments for seaborne 58% iron ore fines assessment as well as changes to brand relativities.

Accordingly, the Iron ore 58%-Fe West India netback price (IODFA00) will reflect the new specifications and will continue to be automatically calculated by deducting the assessed freight rate between west coast India and Qingdao for a 50,000-mt (Supramax) iron ore cargo from the 58% Fe iron ore fines CFR China assessment.

58% LOW ALUMINA FINES DISCONTINUATION: In addition, Platts will discontinue the Platts & TSI IO Fines 58% Fe low alumina iron ore fines CFR China assessments (IONC580 & TS01047), effective October 1, 2020. The decision comes in response to a general lack of liquidity and declining production volumes for low alumina iron ore fines with Fe content below 60%. The specifications for the Platts & TSI IO Fines 58% Fe low alumina iron ore fines index are 58% Fe, 1.5% alumina, 5.5% silica, 0.05% phosphorus, 0.02% sulfur and 9% moisture. Alongside the discontinuation of the daily assessment, the monthly average code (IONC583) and the rolling monthly average code (TSMBX03) would also be discontinued accordingly.




58% Low-Alumina




IONC580, TS01047


Effective May 1


To discontinue

Iron content
















The affected assessments are published on the fixed page PMA1105 and PMA1106 of the real-time Platts Metals Alert, on page 2 and 6 of the Steel Markets Daily, in the Platts Market Center and in the Platts price database.

Please send all comments, feedback and questions to and by April 30, 2020.

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.