ASIAN IRON ORE MARKET 2025 REVIEW: Move toward lower specifications, import curbs reshape trade in Commodity News 10/03/2026 The Asian iron ore market saw significant changes in 2025, key among them were major Australian producers moving toward lower-grade specifications, while market participants also faced price disruptions due to increased supply amid persistently weak steelmaking margins before levels improved in the second half of the year. Record shipments by producers and buyers penalizing material with lower iron and higher impurity levels, citing uncertainty about the ore’s performance before they reach Chinese shores, pushed spot prices of seaborne iron ore to the year’s lowest level of $92.75/dmt on June 18. As steel margins recovered in June-July following a steady decline in coking coal and coke prices in China, demand for iron ore returned, lifting prices through the rest of 2025. An unofficial curbon Chinese purchases of BHP products effectively sidelined Jimblebar Fines from the medium-grade fines pool, potentially buoying prices. Platts IODEX averaged $102.37/dmt CFR China in 2025, above the $100/dmt threshold for most steel mills. Prices have remained firm in January, after IODEX specifications were updated to a 61% Fe basis from 62% Fe, and averaged $105.62/dmt. S&P Global Energy CERA analysts expect iron ore prices to remain resilient in the first half of 2026, as the ramp-up of Simandou in Guinea appears to be slower than initially announced. CERA analysts project around 15 million-20 million mt of exports from the new project in 2026. Share of floating price deals Australian material entered the market withrevised specifications from the second quarter of 2025, after which producers sought to establish the value of their cargoes by selling mainly on a fixed-price basis. As brands gradually found their relative positions to the 61% Fe index near the year-end, transactions were predominantly conducted on a floating price basis. Through the year, floating price transactions account for 70% of all seaborne fines spot deals, up from 56% a year ago, according to data compiled by Platts. From Nov. 24, 2025, Australian mainstream medium-grade iron ore fines traded between producers, traders, and steelmakers nearly entirely on a 61% Fe basis in floating-price spot transactions, Platts data showed. This transition to 61% Fe index pricing was also observed in lump. Sixteen spot deals for Newman Blend Lump concluded on a 61% Fe index basis in December 2025, compared with a single trade done on a 62% Fe index basis, after its producer BHP started offering buyers both pricing options. This shift in pricing was also seen in the low-grade segment, as a spot cargo of 56.5% Fe Super Special Fines was sold at a discount of 7.39% over the 61% Fe January IODEX on FOB basis in December. Pricing on a floating basis returned when the January derivative contract on SGX became the front-month contract, often used as the quotation period in floating-price deals. Chinese companies most active in reporting Chinese companies accounted for the biggest share of information reported to Platts at 59% in 2025, consistent with the country’s significant role in the iron ore spot market. This included 30 steel mills and 52 trading companies. A total of 38 international trading firms, 13 mining companies, five international steel mills, and two trading platforms also contributed to Platts’ price reporting in 2025. In total, Platts published 35,451 headl