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Metals & Mining Theme, Ferrous
February 06, 2025
Platts corrects 62% Fe IODEX, brand assessments, corresponding rationales and commentary of Feb. 5
Platts, part of S&P Global Commodity Insights, has corrected the 62% Fe Iron Ore Index and brand assessments published Feb. 5, 2025.
The corrected assessments are:
| Symbol | Assessment name | Price ($/dmt) |
| IODBZ00 | IODEX CFR China 62% Fe | $104.45 |
| IOBBA00 | Brazilian Blend Fines CFR Qingdao | $106.20 |
| IOBBB00 | Brazilian Blend Fines CFR Qingdao (Floating) | $0.75 |
| IOJBA00 | Jimblebar Fines CFR Qingdao | $96.30 |
| IOJBB00 | Jimblebar Fines CFR Qingdao (Floating) | -$5.10 |
| IOMAA00 | Mining Area C Fines CFR Qingdao | $98.85 |
| IOMAB00 | Mining Area C Fines CFR Qingdao (Floating) | -$2.65 |
| IONHA00 | Newman High Grade Fines CFR Qingdao | $101.40 |
| IONHB00 | Newman High Grade Fines CFR Qingdao (Floating) | -$1.90 |
| IOPBQ00 | Pilbara Blend Fines CFR Qingdao | $102.50 |
| IOPBS00 | Pilbara Blend Fines CFR Qingdao (Floating) | $0.40 |
The following cascaded price assessments and calculations were also corrected:
| Symbol | Assessment name | CURR/UOM | Price |
| AATIV00 | US Scrap Iron Ore Daily Ratio | $/mt | 3.67 |
| AOPFE00 | HRC ASEAN Spread USD/MT | $/mt | 204.68 |
| AOPKE00 | HRC China Export Spread USD/MT | $/mt | 184.68 |
| AOPLE00 | Rebar China Export Spread USD/MT | $/mt | 191.68 |
| CAIAA00 | Carbon-Accounted IODEX | $/dmt | 105.32 |
| IOALB00 | Iron Ore 65% Fe Differential to IODEX | $/dmt | 13.55 |
| IOALC00 | Iron Ore 58%Fe Differential to IODEX | $/dmt | -14.1 |
| IODBZ04 | IODEX CFR CHINA 62% Fe $/DMt MTD | $/dmt | 104.97 |
| IONBA00 | IODEX NtBk FOB Aus $/DMt | $/dmt | 97.27 |
| IONBB00 | IODEX NtBk FOB Brazil $/DMt | $/dmt | 85.82 |
| IONBI00 | IODEX NtBk FOB WIndia PMax $/Dmt | $/dmt | 96.02 |
| IONBR00 | IODEX NtBk Rotterdam $/DMt | $/dmt | 94.34 |
| IONSA00 | IODEX NtBk FOB S Afr $/DMt | $/dmt | 91.56 |
| PLINM00 | Platts Industrial Materials Index $/mt | $/mt | 2080.695 |
| TS01021 | TSI Iron Ore Fines 62% Fe CFR China | $/dmt | 104.45 |
| TSMBY03 | TSI Iron Ore Fines 62% Fe CFR China Rolling MAvg | $/dmt | 104.97 |
In the IODEX rationale, the sentences stating the IODEX and Brazilian Brand Fines normalization should read:
"The 62% Fe Iron Ore Index was at $104.45/dry mt CFR North China on Feb. 5, down $1/dmt from Feb. 4, according to the Platts assessment by S&P Global Commodity Insights, in line with a Brazilian Blend Fines (BRBF) trade.
At 5:29 pm Singapore time, Vale sold a 170,000 mt cargo of BRBF at $104.45/dmt CFR Qingdao on 62% Fe basis, on COREX, with a loadport laycan of March 3- 12 from Teluk Rubiah to Qingdao.
Taking into account the impurity adjustments and timing, the trade normalized to $104.46/dmt on IODEX specifications."
In the 65% Fe CFR China rationale, the sentence stating the 65%-62%Fe spread should read:
"Platts assessed the 65% Fe North China Index at $118/dry mt CFR North China on Feb. 5, down $1.15/dmt from Feb. 4, narrowing the spread between the 65% and 62% Fe iron ore indexes to $13.55/dmt."
The rationales appear in SBB Steel Market Daily, as well as fixed pages STL1109 and PMA1109.
The IODEX commentary stating the price assessment should read:
"Platts assessed the 62% Fe Iron Ore Index at $104.45/dry mt CFR North China on Feb. 5, down $1/dmt from Feb. 4."
The prices are published in Steel Markets Daily, Steel Price Report, World Steel Review, Global Market Outlook and Steel Raw Materials Monthly, in the real-time Platts Steel and Raw Materials Alert and Platts Market Data.
For questions or comments, please email IODEX@spglobal.com or pricegroup@spglobal.com.