LONDON, June 29 /PRNewswire/ -- Platts – The Financial Times Newspaper, a leading business news organization with estimated readership of more than three million people via print and online, today added a Platts price assessment of over-the-counter (OTC) iron ore swaps to its daily offering of bulk commodity statistics.
"The inclusion of iron ore in the FT's table of commodity prices is yet another indication of the immense interest there is in this strategic raw material," said Francis Browne, Platts director of market reporting, metals. "Iron makes steel and steel is 95% of the world of metals. In time we believe the price of iron will be as important as the price of oil as a global benchmark and indicator of world economic activity."
The Platts iron ore front-month swaps price assessment that is now being published in the global print and online editions of the Financial Times, reflects the open-market transactable monthly swap value of iron ore fines with 62%-Fe (iron) content as delivered into North China including cost and freight. China is the largest importer of iron ore. Transactable values include bid, offer, and actual transactions as determined between buyer and seller in the open market. An iron ore swap is a financial instrument reflecting 5,000-ton lot cargoes.
According to Platts, the physical price of iron ore since June 2, 2008, when Platts became the first publisher to report an independent spot value for iron ore on a daily basis, has seen a high of $186 per dry metric ton (/dmt) on Apr. 20, 2010 and a low of $55/dmt on Nov. 4, 2008, which has spurred heightened interest in the commodity's dynamic market activity. Prior to that time, the industry did not have any independent source for daily iron ore spot-market prices. Platts is a leading global energy and metals information provider.
The Platts front-month iron ore price assessment can be found in the print editions of the FT newspaper within the Markets & Investing page of the Companies & Markets section and under the heading of Bulk Commodities within the Commodities Prices table.
Online at FT.com, the price assessment can be found within the Markets Data Home / Data Archive sections at the following links:
Commodities & Agriculture Quarter Page digest: http://markets.ft.com/ft/markets/researchArchive.asp?report=COM&cat=CO ; and,
Commodity Summary (online replication from the print edition of the FT Newspaper): http://markets.ft.com/ft/markets/researchArchive.asp?report=KOM&cat=CO
The Platts iron ore swaps price printed in the FT is one of several iron ore price assessments published by Platts, which publishes a number of spot market price assessments of various grades of iron ore monitored and utilized by industry market participants and published in Platts' Metals Alert (PMA), a real-time metals price and news wire service and other Platts publications and services.
Platts' price assessments are underpinned by a robust methodology of specification guidelines and quality protocols. To learn more about the methodologies Platts employs to assess physical iron ore, visit the specifications and methodologies section of the Platts website at www.platts.com.
Platts publishes more than 8,500 price benchmarks, assessments and indexes in energy and metals daily and has been serving the information needs of the physical marketplace since 1909.
Platts has been assessing prices in the metals markets for more than 35 years, drawing on the tradition of its parent company, The McGraw-Hill Companies, which has covered the metals markets since 1930.
About Platts: Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading global provider of energy and commodities information. With a century of business experience, Platts serves customers across more than 150 countries. An independent provider, Platts serves the oil, natural gas, electricity, emissions, nuclear power, coal, petrochemical, shipping, and metals markets from 17 offices worldwide. Platts' real-time news, pricing, analytical services and conferences help markets operate with transparency and efficiency. Traders, risk managers, analysts, and industry leaders depend upon Platts to help them make better trading and investment decisions. Additional information is available at http://www.platts.com.
About The McGraw-Hill Companies: Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a global information and education company providing knowledge, insights and analysis in the financial, education and business information sectors through leading brands including Standard & Poor's, McGraw-Hill Education, Platts, and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2009 were $5.95 billion. Additional information is available at http://www.mcgraw-hill.com/.