Falling Australian Iron Ore Quality Sparks Grade Benchmark Tweak
The iron ore industry's key pricing benchmark for seaborne cargoes will be lowered as the quality of supplies from biggest exporter Australia worsens.
Platts, part of S&P Global Commodity Insights, will in January change its IODEX iron ore benchmark to 61% iron content from the current 62%, according to a notice to members on Tuesday. It also plans to update its 62.5% China iron ore spot lump premium benchmark to 62%.
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