Fastmarkets to publish one-time differential for 65% Fe iron ore derivative contract

Fastmarkets will publish a one-time differential after 5.30pm Singapore time on Friday October 31, that may be used to adjust the 65% Fe iron ore fines derivative and other contracts which settle against its iron ore 65% Fe Brazil-origin fines, cfr Qingdao, $/tonne (MB-IRO-0009) on the Singapore Exchange.

October 3, 2025

These are namely:

• SGX MB Iron Ore CFR China (65% Fe Fines) Index Futures
• SGX MB Iron Ore CFR China (65% Fe Fines) Swap
• SGX Option on MB Iron Ore CFR China (65% Fe Fines) Index Futures
• SGX Option on MB Iron Ore CFR China (65% Fe Fines) Swap

The one-time differential will take effect from November 3, 2025 onward.

The differential is based on the simple mathematical average of Fastmarkets’ high-grade iron ore silica value-in-use (MB-IRO-0192) for the October 3-31 period inclusive.

The high-grade silica value-in-use (MB-IRO-0192) was launched on August 1, to support the market’s transition and provide participants with a reference point for deriving trade values under the updated Iron Ore Carajas specification.

Any one-off adjustment figure would be intended to represent Fastmarkets’ reasonable assessment of the impact on the forward curve of the change to the spot price as a result of the Iron ore 65% Fe Brazil-origin fines, cfr Qingdao, $/tonne (MB-IRO-0009) specification change.

Fastmarkets accepts no responsibility or liability for any use of the one-off price adjustment figure, whether as a basis for, or a one-off monetary adjustment to, the value of the open interest, or for settlement of exchange-traded derivatives, over-the-counter derivatives, or for any other reason. Any decision to use the one-off price adjustment figure for any reason would rest with the parties to that contract.

Fastmarkets published a three-month open price consultation on July 4 to seek feedback on a proposed change to silica levels for its 65% Fe iron ore fines benchmark following specification changes for Iron Ore Carajas fines from Brazil.

To provide feedback on this index, or if you would like to provide price information by becoming a data submitter to this index, please contact pricing@fastmarkets.com. Please add the subject heading “FAO: Norman Fong/Alice Li/Zheng Shuyi/Adele Pan/Paul Lim, re: 65% Fe iron ore index.”

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

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