LONDON, May 13, 2013 /PRNewswire/ -- Global energy and commodity price reporting agency Argus has launched coverage of the global iron ore market with a new daily report, Argus Steel Feedstocks, focused on the all-important Chinese market. The launch reflects growing interest in spot iron ore assessments and the market's need for transparent and accurate price markers.
The new Chinese price assessments cover cargoes for delivery to the port of Qingdao, northern China, and are accompanied by a daily iron ore market commentary. The three new assessments will cover 58% Fe, 62% Fe and 65% Fe iron ore fines, cfr Qingdao. The iron ore market coverage in Argus Steel Feedstocks will complement Argus' existing coking coal spot price assessments, market commentary and global netback pricing.
Iron ore is a key industrial commodity that until recently was overshadowed by its downstream product, steel. But, in recent years, there has been a shift towards shorter term contracts and spot trading, which has driven interest in robust independent price reporting. Seaborne iron ore volumes exceeded 1bn t in 2012 and demand for iron ore looks likely to continue to increase over the medium term, both in China and in the emerging economies of southeast and south Asia.
"This is Argus' first step into assessing prices in the metals sector. The launch demonstrates Argus' commitment to introducing our independent and transparent assessment of prices into markets that would benefit from our experience and expertise," Argus Media chairman and chief executive Adrian Binks said. "Shifting international trade patterns and increasing production of sub-60% Fe grades in Australia are changing the profile of the most traded products in the spot market. The introduction of these new price assessments in the Argus Steel Feedstocks report offers an impartial view of the global iron ore market."Argus Steel Feedstocks provides spot price assessments, market news and analysis. The report has been carefully designed to provide global iron ore and steel market participants with the critical insights, key statistics and data needed to stay ahead of market developments, as well as to help shape commercial strategies. Media contacts: London Seana Lanigan+44 20 7780 4272 firstname.lastname@example.org Houston Gabriela Alcocer+1 713 429 6308 email@example.com Singapore Jim Nicholson+65 6496 9960 firstname.lastname@example.org About Argus MediaArgus is an independent media organisation with nearly 500 full-time staff. It is headquartered in London and has offices in each of the world's principal energy centres. Its main activities comprise publishing market reports containing price assessments, market commentary and news, and business intelligence reports that analyse market and industry trends. More than half of Argus' staff are commodity journalists who specialise in reporting news and price information relating to physical energy and related commodity markets. They operate according to a rigorous Editorial Code of Conduct and an Ethics Policy that align with best journalistic practice, including the avoidance of conflicts of interest.