Platts opens consultation on IODEX benchmark quality specifications

Platts, part of S&P Global Commodity Insights, is opening a formal consultation on the baseline quality specifications of its IODEX iron ore benchmark. The review of the 62% Fe Iron Ore Index quality definition is launched in view of recent and planned degradation to the quality specifications of Australian iron ore fines informing the assessment.

Specifically, Platts is inviting market feedback on a possible adjustment to IODEX baseline quality specifications to reflect the changing iron content of medium-grade fines traded in the spot market. In the event of a specification change, market data collected would be normalized to the updated quality specifications.

Platts currently considers information surrounding medium-grade fines with iron content between 60% and 63.5% in its IODEX assessment. Of these fines, those most traded in the spot market are Pilbara Blend Fines, Mining Area C Fines, Newman High Grade Fines, Brazilian Blend Fines and Jimblebar Fines. Information received for varying quality medium-grade fines is normalized to the IODEX 62% quality specification.

Due to the gradual quality degradation of orebodies, the iron content of MACF and NHGF(opens in a new tab), for example, was lowered to 60.6% and 61.7% in July 2024.

The iron content of Pilbara Blend Fines(opens in a new tab) may also be adjusted below 61% as soon as June 2025.

Alongside lower iron content, quality degradations result in broader increases in impurity contents, including alumina and silica. Any IODEX specification change affecting iron content would also consider increased impurities.

Platts seeks feedback on these and other quality specifications and welcomes comments on the timing of any changes emanating from this consultation.

The consultation relates to Platts' full suite of IODEX and IOPEX assessments, including IODEX 62% Fe CFR China and IOPEX 62% Fe FOT East China.

Full quality specifications are as follows:

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 and on the real-time Steel Raw Materials Alert.

Platts invites feedback, comments and questions to iodex@spglobal.com and pricegroup@spglobal.com by May 30, 2025.

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.