Corex suspends release of 62 percent iron ore price with iron ore

On September 18, the Iron Ore Working Committee of the China Iron and Steel Association (CISA) organized an iron ore labor conference in Beijing, analyzing the current situation in the iron ore market, discussing key short-term objectives, and taking measures for the upcoming launch of the port price index for imported ore. Officials responsible for the purchase of iron ore from steelmakers and trading firms attended the meeting.

On September 19th, Corex announced that it was suspending the release of the 62 percent Fe spot. The transaction price generation method will be reviewed and take effect at the same time.

Some market sources believe that this is a sign that the market has begun to adjust to the more popular 61 percent Fe penalties, and perhaps in the future the major trading platforms will have to change the specifications for the price benchmark indices.