June 17, 2008
Platts Steel Markets Daily Now Reporting Prices of Iron Ore Delivered to China
LONDON, June 17 /PRNewswire/ -- Platts, one of the world's foremost providers of energy and metals information, today announced 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, to be known as Platts IODEX, addresses miners' and steel makers' need for an independent market assessed spot price against which to better determine pricing for short- and long-term contracts.
"This year's incredible price rise in steelmaking raw materials spurred a shock wave of price increases throughout the steel products markets, the degree of which caught many by surprise," said Francis Browne, Platts' Global Director of Steel. Finished steel prices have risen by nearly 100% since late 2007, fuelled largely by higher costs of iron ore, which is used to feed blast furnaces. "It's our hope that daily price assessments from Platts will facilitate the industry's need for more timely price information and help mitigate such surprises in the future," explained Browne.
The Platts iron ore price assessments will capture the value in U.S. dollars per dry metric ton ($/dmt) of iron ore fines normalized to 62% iron (Fe) content with standardized impurities shipped on a cost and freight (CFR) basis to main Chinese ports. The price assessments, which began June 2nd, are reported in Platts Steel Markets Daily, an online and print publication containing news, market commentary and price information aimed at the steel, construction, and auto industries as well as commodities-focused money managers worldwide.
Platts' price assessment methodology in steel, scrap and iron ore has been developed in consultation with a cross section of key industry players and draws upon Platts' century of experience in benchmark price reporting in the energy markets. For more information about the Platts price assessment process, click here: http://tinyurl.com/4hffur
Platts has reported on the broader supply and demand fundamentals of the metals markets for 30 years, drawing on the tradition of its parent company, The McGraw-Hill Companies, which has covered the metals market for more than 75 years.
Platts, a division of The McGraw-Hill Companies , is a leading global provider of energy and commodities information. With nearly a century of business experience, Platts serves customers across more than 150 countries. From 17 offices worldwide, Platts serves the oil, natural gas, electricity, nuclear power, coal, emissions, petrochemical and metals markets. Platts' real time news, pricing, analytical services, and conferences help markets operate with transparency and efficiency. Traders, risk managers, analysts, and industry leaders depend upon Platts to help them make better trading and investment decisions. Additional information is available at http://www.platts.com/.
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