Platts plans to assess daily spot prices of iron ore fines CFR China starting from June 1st 2008.

To be published in Platts Steel Markets Daily, the Platts Iron Ore Index IODEX will reflect the value of a typical shipment of iron ore for delivery into China each business day. Close of market data for assessment will be 16.30 HRS Singapore.

The proposed specifications are as follows

1. Iron ore fines with Fe content of 62% and Cargoes of different content will be normalized to the 62% standard.
2. Size of fines is defined by granular size of up to 10 mm for up to 90% of the cargo.
3. Moisture content is in a range of 4.8% to 9.0% max, with cargoes normalized to a 8.0% standard using an assessed adjustment.
4. Silicon dioxide range is 0.7% t 8.0% max, with cargoes normalized to a 4.5% standard using an assessed adjustment.
5. Aluminum dioxide range is 0.7-3.5 max, with cargoes normalized to a 4.0% standard using an assessed adjustment.
6. Phosphorus range is 0.027-0.082 max, with cargoes normalized to a 0.075% standard using an assessed adjustment.
7. Minimum parcel size is 35,000 tonnes
8. CFR China main ports, normalized to Qingdao port in North China
9. Timing is based on delivery within 2 weeks to 6 weeks from date of publication
10. Payment terms - US dollars per DMT, 100% via banking instrument at sight basis. All other payments or credit terms normalized to payment at sight.