Platts IODEX Explained

For over 10 years, S&P Global Platts has brought transparency and efficiency to iron ore markets through robust and independent price assessments.

What is IODEX?

Platts iron ore assessment, or IODEX (Symbol IODBZ00), is a benchmark assessment of the spot value of seaborne iron ore imports into China every day at 5:30 PM Singapore time.

Visit the IODEX price assessment page >

Why is IODEX timestamped at 5.30 pm Singapore time?

Iron ore prices fluctuate throughout the day. By assessing at a specific time, Platts assessment process is designed to provide a clear and consistent price assessment.

What is Market on Close?

MOC is a structured price assessment system designed to yield a price assessment reflective of market values at the close of the typical trading day.

The fully transparent system is run throughout the day, and at MOC participants are able to demonstrate value. They can do so by reporting firm, named bids or offers that are open to the market and published in real-time. More information about the MOC can be found at the following links: Platts methodology, and Platts iron ore specifications guide.

Key Features of Platts IODEX

Platts IODEX is fair, transparent, and robust, bringing necessary insight to a previously opaque market. Click on the below to learn more about the key features of Platts IODEX:

  • Inclusive and open participation
  • Transparent
  • Robust

Inclusive and open participation

Platts IODEX is built upon direct and open participation from across the whole value chain, including buyers, sellers and traders. Whether Platts subscribers or not, all active iron ore market participants are welcome to participate in the IODEX assessment process. To do so, all they need to do is to report market information by contacting the Platts iron ore team at

While the market is inherently more fragmented on the consumer side of the supply chain, Platts ensures it proactively surveys a large number of steelmakers in its assessment process. In 2020, 57 different Chinese steelmakers provided information used in Platts iron ore assessments.

S&P Global Platts provides an independent assessment of where commodity prices fall each day and has no financial stake in the price going up or down. Commodity prices are solely determined between buyers and sellers.


From methodology to a single price assessment, S&P Global Platts provides unparalleled transparency in every aspect of IODEX.


Deep and robust data is a cornerstone of IODEX. Platts collected 939 spot seaborne iron ore transactions in 2020 and 1,015 in 2019. In 2020, Platts published 21,102 heards.

Due to the complexity and variety of data collected, Platts aligns reported market information to the base standard reflected in Platts price assessments through normalization.

Factors normalized include:

  • — Brand differentials
  • — Cargo delivery timing
  • — Impurities (VIU)
  • — Discharge optionality
  • — Vessel size, presentation of documentations when needed

Evolution of the Iron Ore Market

From S&P Global Platts launching the first daily iron ore spot price assessment, Platts IODEX, on June 2, 2008, to Platts 62%-Fe IODEX CFR China reaching all-time highs in Q2 2021, the iron ore market has evolved tremendously over the past 10 plus years. This timeline depicts the key milestones from recent iron ore history that have shaped the industry.

IODEX Myths vs Facts

Recent IODEX Price History

The recovery of global steel demand last year has driven the market for its main ingredient, iron ore, soaring in Q2 2021, and helped S&P Global Platts 62% Fe IODEX CFR China reach all-time highs. As the world enters post COVID-19 recovery, all eyes are on the continuously evolving iron ore market.