Rio Tinto to offer benchmark iron ore against Fastmarkets index in three-way basket

Anglo-Australian miner Rio Tinto will offer its benchmark iron ore fines, Pilbara Blend Fines (PBF), against an average of three indices from Thursday September 2, the Beijing Iron Ore Trading Centre (Corex) said this week.

Fastmarkets' index for iron ore 62% fines will form one third of the basket index, which also includes the average of indices produced by two other price reporting agencies.
The basket applies to spot cargoes which have not been shipped by Rio Tinto or are in transit, as well as to those cargoes in Chinese port free-trade zones that have not been cleared by customs authorities, according to Corex.

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