Iron Ore Fines
Iron ore fines are the most traded seaborne iron ore product, with particle sizes below 6.3mm. They are sintered before being charged into blast furnaces for pig iron production. The benchmark Platts IODEX (62% Fe CFR China) is the global reference price for iron ore fines.
- 62% Fe
- 58% Fe
- 65% Fe (Premium)
- 56% Fe
- CFR
- FOB
- CIF
Iron Ore Fines, in brief.
- Common origins
- Australia
- Brazil
- South Africa
- India
- Canada
- Common destinations
- China
- Japan
- South Korea
- Europe
- Taiwan
- Grades and specifications
- 62% Fe
- 58% Fe
- 65% Fe (Premium)
- 56% Fe
- Incoterms
- CFR
- FOB
- CIF
- Unit of measure
- Wet Metric Tons
What moves Iron Ore Fines pricing
Iron ore fines price off the Platts IODEX 62% Fe CFR China benchmark, with low-alumina (LA62) and 65% high-grade variants commanding premiums and discounts. The CFR-FOB Brazil spread captures freight; the C3 (Tubarão-Qingdao) capesize freight rate is the most-watched lane. Chinese steel mill margins (the 'rebar-iron ore spread') drive demand. Vale's Carajás and Brucutu, BHP and Rio Tinto's Pilbara mines set marginal seaborne supply.
How Iron Ore Fines cargoes are priced and settled
Standard cargoes are 170,000-200,000 tonnes capesize. Pricing is index-linked (62% Fe CFR Qingdao) with quotational period typically the month of B/L. Payable Fe formula determines value: linear $/% Fe within a contractual range. Phosphorus, alumina, silica penalties apply against contractual maxima.
Iron Ore Fines specifications and dispute practice
Disputes turn on Fe content (typical 60-65% range), moisture, alumina, silica, and phosphorus. Independent draft survey at load and discharge is universal. The big swing factor is moisture: wet cargoes during Brazilian rainy season can lose 2-3% mass between load and discharge.
Where Iron Ore Fines comes from and where it goes
Australia (Pilbara: BHP, Rio Tinto, FMG, Hancock) and Brazil (Vale) supply ~80% of seaborne iron ore. Receiver dominance is extreme: China imports ~75% of global seaborne tonnage. India, Japan, Korea, Taiwan, and EU mills are next-tier buyers. The Simandou project in Guinea, when fully ramped 2026-2027, will reshape the high-grade segment.
Who trades Iron Ore Fines?
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Related market pages.
- Iron Ore LumpIron ore lump is a directly chargeable blast furnace feed with particle sizes between 6.3mm and 31.5mm. It commands a lump premium over fines because it does not require sintering, saving energy and capex for steelmakers. Australian Pilbara lump is the most widely traded grade.
- Iron Ore PelletsIron ore pellets are spherical agglomerates of fine ore concentrate, hardened in kilns at 1,200-1,350 degrees Celsius. They offer superior blast furnace performance with higher iron content (65-67% Fe), better reducibility, and uniform size. DR-grade pellets feed direct reduction plants for DRI/HBI production.
- BauxiteBauxite is the primary ore of aluminum, processed through the Bayer process to produce alumina, which is then smelted into aluminum. Guinea and Australia hold the largest reserves. Bauxite quality is determined by available alumina content, reactive silica, and moisture levels.
- Chrome OreChrome ore (chromite) is the sole commercial source of chromium, essential for stainless steel production via ferro chrome. South Africa controls over 70% of global chromite reserves. Ore grades are classified by Cr2O3 content, with metallurgical grade (40%+ Cr2O3) commanding the highest prices.
- Lithium Ore (Spodumene)Spodumene is the most important hard-rock lithium mineral, containing up to 8% Li2O. It is converted into lithium hydroxide or lithium carbonate for use in electric vehicle batteries and energy storage. Australian spodumene concentrates (SC6, ~6% Li2O) dominate seaborne trade.
- CobaltCobalt is a critical metal for lithium-ion battery cathodes (NMC, NCA chemistries) and superalloy applications in jet engines. The Democratic Republic of Congo produces over 70% of global cobalt, raising ethical sourcing concerns. LME and Fastmarkets MB provide benchmark pricing.
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