Platts index is the full name of Platts price index, which is one of the basis of global iron ore pricing, and is jointly selected by three major mines in the world (Brazil's Vale, Australia's Rio Tinto and Australia's BHP Billiton). In addition to Platts price index, the pricing of the other two iron ores is mainly based on MBIO index of World Metal Guide and TSI index of Global Steel News.

Brief introduction of Platts price index

Platts collected the data of major miners, steel mills and steel suppliers by telephone inquiry in June 2008, and then selected the highest buyer inquiry and the lowest seller quotation. It should be noted that Platts Energy Information does not need to manage whether relevant transactions occur when determining the highest inquiry of the buyer and the lowest quotation of the seller on that day. In actual financial activities, Platts Energy Information is the world's leading provider of energy, steel and petrochemical information, and its index is usually considered as an important reference factor for evaluating commodity prices in futures market or spot market. Therefore, among the three major iron ore indexes, Platts price index has the longest duration and is accepted by more suppliers and buyers.