Iron ore price, page-34615

Hi Z,

my post wasn't intended to offend you - it's just a fact that MMi spot is not real time accurate. I use them for much other info eg. capesize freight rates Brazil to China, Dalian movements & historical charts showing the price margins between the grades etc... relevant to me as a long-time CIA holder.

As you suggested, I did a little bit more research.

NYMEX - CME Group

This appears to be a USA based version of the Dalian Commodities exchange (derivatives / futures). In the case of IO futures I suspect they take their cues from what happened on the DCE the day before. As FMG don't export iron ore to the USA, then they are about as useful as soya bean futures - totally irrelevant!

FMG base their revenue on the Platts 62 Index - see page 2 below:

https://www.fmgl.com.au/docs/default-source/announcements/invest-1.pdf?sfvrsn=9bf2150c_4

And the Platts IODEX 62 is based on CFR Qingdao - see below:

https://www.spglobal.com/platts/en/our-methodology/price-assessments/metals/iodex-iron-ore-metals-price-assessment

Fastmarkets MB is also based on CFR Qingdao - see below:

Fastmarkets iron ore indices
62% Fe fines, cfr Qingdao: $181.57 per tonne, down by $14.49 per tonne

Custeel is led by CISA and funded by 16 large Chinese steel manufactures who likely supply their pricing data from various ports not just Qingdao, hence the slight variation in price to Fastmarkets MB.

Custeel currently has 62% Fe at US$180.10.

I don't know where Rurenga gets his daily info from but his figure usually falls right between Fastmarkets MB & Custeel which makes him highly accurate - hence his high regard on this forum!

Rurenga's spot on (pun intended) SMM's MMi daily iron ore report isn't.