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Fastmarkets clarifies unit of measurement for iron ore indices

Fastmarkets wishes to clarify that its iron ore fines pricing suite is priced in dry metric tonnes.

January 2, 2026
By Fastmarkets pricing team
Iron ore Pricing notice Steel raw materials Steel Raw Materials Physical Prices

Market feedback, observed trading conventions and historic data shows that dry metric tonne, or dmt, is the unit of measurement used in these markets.

As such, all Fastmarkets publications have reflected and will continue to reflect dry metric tonne (dmt). All publications and documentation will be updated accordingly. The unit of measurement has been changed for the following assessments:

MB-IRO-0191 Iron ore 61% Fe Fines, cfr Qingdao

MB-IRO-0008 Iron ore 62% Fe fines, cfr Qingdao

MB-IRO-0144 Iron ore 62% Fe low-alumina fines, cfr Qingdao

MB-IRO-0015 Iron ore 58% Fe fines, cfr Qingdao

MB-IRO-0016 Iron ore 58% Fe fines high-grade premium, cfr Qingdao

MB-IRO-0017 Iron ore 58% Fe fines high high-grade premium index, CFR Qingdao

MB-IRO-0009 Iron ore 65% Fe Brazil-origin fines, cfr Qingdao

MB-IRO-0012 Iron ore 65% Fe blast furnace pellet, cfr Qingdao

MB-IRO-0177 Iron ore pellet premium over 65% Fe fines, cfr China

MB-IRO-0189 Iron ore 65% Fe concentrate premium, cfr Qingdao

MB-IRO-0013 Iron ore 65% Fe concentrate, cfr Qingdao

MB-IRO-0187 Iron ore 67.5% Fe pellet feed premium, cfr Qingdao

MB-IRO-0188 Iron ore 67.5% Fe pellet feed, cfr Qingdao

MB-IRO-0190 Iron ore spot 67.5% Fe magnetite-hematite pellet feed price differential, cfr Qingdao

MB-IRO-0018 Iron ore fines, % Fe VIU, cfr Qingdao

MB-IRO-0019 Iron ore 65% Fe fines, % Fe VIU, cfr Qingdao

MB-IRO-0020 Iron ore fines, % Si VIU, cfr Qingdao

MB-IRO-0021 Iron ore fines, % Al2O3 VIU, cfr Qingdao

MB-IRO-0024 Iron ore fines, 0.01% P VIU, cfr Qingdao

MB-IRO-0022 Iron ore 61% Fe fines, fot Qingdao

Please note, this clarification of the unit of measurement has no impact on historic prices or price formation.

To provide feedback on this clarification, please contact pricing@fastmarkets.com or steelrawmaterials@fastmarkets.com. Please add the subject heading “re: iron ore indices.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

You can find the updated methodology for Fastmarkets’ iron ore indices here. 

To see all Fastmarkets pricing methodology and specification documents, go to the Fastmarkets methodology page.

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