Platts, part of S&P Global Commodity Insights, clarifies that references to "Qingdao, China," in its Global Iron Ore Specifications Guide reflect the locational pricing basis of its CFR China assessments for fines, lump and pellet.
Platts assessment specifications reflect prevalent market practice in taking a standard spot cargo in the CFR China market as being priced with the locational basis of Qingdao port and containing the optionality for buyers to nominate one or more main Chinese ports for discharge.
Where price information is reported for non-standard cargoes, for example those with restricted discharge port conditions, Platts may normalize it for its lack of optionality based on market feedback on prevailing price differentials, or deprioritize it for price assessment purposes.
Platts is updating its Global Iron Ore Specifications Guide to reflect this clarification.
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