Argus and Mysteel partner on iron ore benchmarks

New basket prices for both 61% and 62% Fe seaborne iron ore imported into China

SINGAPORE, May 27, 2025 /PRNewswire/ -- Global energy and commodity price reporting agency Argus and Mysteel, a major Shanghai-based metals pricing and data company, today signed a memorandum of understanding to publish official index averages for 61% and 62% Fe (iron) seaborne iron ore imported into China.

In recent years buyers and sellers in the iron ore market have chosen to price against informal 'baskets' (averages) of prices from several pricing sources, particularly for sales into China. The industry already regularly uses a monthly average of assessments separately published by Argus and Mysteel for ore containing 62% iron in spot and term contract markets, informally referred to as AM62. Based on requests from market participants, Argus will formally publish the AM62 average in a monthly Argus/Mysteel service.

The service will also include AM61 — a monthly average of new assessments for 61% Fe iron ore prices from each party. The 61% Fe specification more closely reflects the grade of Australian iron ore exported to China, which results from grade depletion at mining operations in Western Australia over a number of years.

Argus Media chairman and chief executive Adrian Binks said: "We're delighted to be able to partner with Mysteel, China's largest and most respected provider of pricing and data to the ferrous sector. Market participants have been pushing both for a greater range of index averages and for new references for 61% Fe, since these will better reflect the market. So we have agreed together to provide both in a single new service. This offers greater optionality for the iron ore market as it looks for new index-linking and risk-management solutions in response to a decline in average grades."

Zhu Junhong, Chairman and Founder of Mysteel, said: "We are delighted to marry our expertise and deep understanding of the Chinese market with Argus which is an established international price reporting agency with decades of expertise serving a global customer base. It reflects the needs of the widest range of iron ore and steel market participants both internationally and in China."

The new AM61 and AM62 prices will be published monthly as an average of Argus and Mysteel assessments for 61% and 62% Fe iron ore on a delivered to Qingdao basis, calculated on the final Singapore working day of each month. Argus' assessments are calculated as a volume-weighted average of transactions, but also take into account bids and offers in the spot market to ensure that they are accurate and robust representations of fair market value. Argus and Mysteel will continue to publish their own separate assessments for 61% and 62% Fe iron ore.

Argus contact information 

London: Seana Lanigan
+44 20 7780 4200
Email Seana

Houston: Matt Oatway
+1 713 968 0000
Email Matt

Singapore: Tomoko Hashimoto
+65 6496 9960
Email Tomoko

About Argus Media

Argus is the leading independent provider of market intelligence to the global energy and commodity markets. We offer essential price assessments, news, analytics, consulting services, data science tools and industry conferences to illuminate complex and opaque commodity markets.

Headquartered in London with over 1,500 staff, Argus is an independent media organisation with 30 offices in the world's principal commodity trading hubs.

Companies, trading firms and governments in 160 countries around the world trust Argus data to make decisions, analyse situations, manage risk, facilitate trading and for long-term planning. Argus prices are used as trusted benchmarks around the world for pricing transportation, commodities and energy.

Founded in 1970, Argus remains a privately held UK-registered company owned by employee shareholders and global growth equity firm General Atlantic.

About Mysteel

Founded in 2000, Mysteel is the leading provider of market information in China, covering an extensive range of bulk commodities. Its iron ore prices are the first in China to meet IOSCO compliance requirements.

Mysteel has its headquarters in Shanghai, China. Mysteel Global, the global arm of Mysteel, was incorporated in 2016 and has offices in Singapore, Australia, Japan and the UK.

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SOURCE Argus Media