Platts, the leading global energy and metals information provider, today announced the expansion of its suite of daily spot price assessments for seaborne iron ore delivered to China, iron ore largest consuming market. IODEX, Platts daily iron ore price assessment, now includes two new values that enhance trading, forecasting and investment decisions in the steel markets.

The new IODEX price assessments, which began October 1st, include an iron ore paper swap daily forward curve and a daily assessment of physical cargoes of iron ore fines with 58% iron content and typical impurities shipped on a cost and freight basis to north Chinese ports. These new assessments complement the existing IODEX daily price points launched in June 2008. These include IODEX 62% Fe-content iron ore fines; 63.5/63% Fe, and iron ore fines with 65% Fe content all basis CFR North China.

Mr Francis Browne Platts global director of steel said "The addition of the 58% Fe iron ore assessment adds further clarity and transparency to our benchmark assessment IODEX 62%Fe CFR China, which is increasingly being used to price and settle physical contracts. This assessment also introduces a more rigorous evaluation of impurities which are becoming increasingly more important as suppliers and consumers seek to value iron ore beyond just its Fe content and more towards its value in use."

He said that "The addition of the 58%-Fe iron ore assessment adds further clarity and transparency to our IODEX benchmark assessment, which is increasingly being used to price and settle physical contracts. This latest assessment also introduces a more rigorous evaluation of impurities, which is increasingly vital today as suppliers and consumers are now valuing iron ore beyond just Fe content. They are scrutinizing the commodity's full composition more closely than perhaps ever before.

IODEX, which now includes five assessments, is reported in Platts' Steel Markets Daily, an online and print publication that offers news, market commentary and price information aimed at the steel, construction and auto industries as well as commodities-focused money managers worldwide. IODEX is also included in the Platts real-time news service, Platts' Metals Alert.

Platts' steel and iron ore price assessment methodologies have been developed in consultation with a cross section of key industry players and draw upon Platts' century of experience in benchmark price reporting in the energy markets.