Dear users,
As the core raw material for the steel industry, the price fluctuations of iron ore directly determine the cost and profit stability of the steel industry chain. In recent years, the endowment of global iron ore resources has shown significant changes, with the proportion of high-grade ore production continuously declining.
To actively respond to market changes, enhance the guiding significance of the index for the Spot Market, and improve market information transparency, SMM has decided to launch the "MMI 61% Iron Ore Port Stock Index (IOPI)" and the "MMI 61% Iron Ore Seaborne Index (IOSI)" from 5th January 2026.
The specific price point details are as follows:
Index Price Point: MMI 61% Iron Ore Port Stock Index (IOPI)
Quality specifications: Fe content base 61%, aluminum base 2.5%, silica base 4.5%, phosphorus base 0.1%, sulfur base 0.02%, Moisture base 8%
Definition: FOT Qingdao Port, VAT included. Normalized for any Chinese Port.
Unit: RMB/wet tonnes
Quantity: min 5,000 tonnes
Timing: within 1 week
Payment Terms: Payment at sight
Publication: Working Day, 6 PM Beijing Time
Index Price Point: MMI 61% Iron Ore Seaborne Index (IOSI)
Quality specifications: Fe content base 61%, aluminum base 2.5%, silica base 4.5%, phosphorus base 0.1%, sulfur base 0.02%, Moisture base 8%
Definition: CFR Qingdao Port. Normalized for any Chinese Port.
Unit: USD/dry tonnes
Quantity: min 50,000 tonnes
Timing: within 2 months
Payment Terms: L/C or payment at sight
Publication: Working Day, 6 PM Beijing Time
SMM Iron Ore Research
January 5, 2026
