Rio Tinto to change index for some iron ore settlement, client notice

The world’s largest iron ore supplier, Rio Tinto, plans to replace the index used for settlement for shipments to China in January and February, according to a client notice reviewed by Reuters and a trader with knowledge of the matter.

The Australian miner sent emails to Chinese clients notifying them that Fastmarkets MB’s iron ore indices will replace Platts indices for settlement of iron ore shipments in the first two months of 2026, according to the notice and the trader.

It was not immediately clear why Rio Tinto is making the change, and whether it applies to all of its Chinese clients.

Rio Tinto, S&P Global, and Fastmarkets did not immediately respond to requests for comment.

“The indices to be adopted in final settlement and future long-term contract are under negotiation,” the client notice said.

Rio Tinto has been using the Platts indices to settle its flagship products in annual contracts and spot market for more than a decade, two traders said.

(By Amy Lv and Tony Munroe; Editing by Kirsten Donovan)