Over the last 10 years, Iron Ore market has relentlessly advanced towards greater transparency. Understand the Iron Ore Market, the five brands in the IODEX basket and S&P Global Platts price assessments of each brand.
Iron ore and coking coal are integral to steelmaking. But with hundreds of products available globally and constant changes to geology and marketing strategies, we know it can be difficult to keep track of their individual specifications. S&P Global Platts Iron Ore and Metallurgical Coal Specification Tree aims to provide extra transparency on specifications to help advance understanding of how these products relate to our benchmarks and the wider markets.
For over 10 years, S&P Global Platts has provided robust and independent price assessments for iron ore. Learn more about the key processes that our editorial team undertake when assessing the iron ore market, including the important role of Platts Market-On-Close (MOC) process.
Platts Iron Ore Index, or IODEX (IODBZ00), is a benchmark assessment of the spot price of physical iron ore. The assessment is based on a standard specification of iron ore fines with 62% iron, 2.25% alumina, 4% silica and 0.09% phosphorus, among other gangue elements. Since the breakdown of annually negotiated prices in 2010, IODEX has been the primary physical market pricing reference for seaborne iron ore fines delivered into China, the biggest importer of the steelmaking ingredient. The use of the IODEX has also been extended to price iron ore in the forms of lump, pellet and concentrate, via the application of premiums and discounts to account for quality differences from the base specification.