Energy information provider Platts, part of the McGraw-Hill Companies, US, has announced that it has expanded its suite of daily spot price assessments to include seaborne iron ore delivered to China, iron ore's largest consuming market. The new daily iron ore price assessment is to be known as Platts IODEX. It seeks to address miners' and steel makers' need for an independent market assessed spot price against which to better determine pricing for short- and long-term contracts.
Platts IODEX will capture the value in US dollars per dry metric tonne of iron ore fines normalised to 62% iron content with standardised impurities shipped on a cost and freight basis to main Chinese ports. The price assessments, which began on June 2, are reported in Platts Steel Markets Daily, an online and print publication. The publication contains news, market commentary and price information aimed at the steel, construction and auto industries as well as commodities-focused money managers worldwide.
Platts has reported on the supply and demand fundamentals of the metals markets for 30 years, while its parent company, the McGraw-Hill Companies, has covered the metals market for over 75 years.
