Rio Tinto Group
Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) will stop using the S&P Global Platts Iron Ore Index for pricing term-contract cargoes into China, according to the Australian Financial Review (AFR), which cited a notice to steel mills affiliated with state-backed buyer China Mineral Resources Group (CMRG).
The miner is set to switch to an alternative index published by Fastmarkets for cargoes loaded for China in January and February 2026. The move is a trial covering the final two months of Rio’s current long-term contract period with steel mills.
CMRG had originally asked Rio to use Beijing’s new domestic iron ore index, but Rio rejected that proposal, with the Fastmarkets index viewed as a compromise. Rio declined to comment.
CMRG publicly criticised the current pricing mechanism in late October, describing it as “irrational” and influenced by overseas futures markets because US-dollar benchmarks are used.
Fortescue
Fortescue Ltd (ASX:FMG) will also move away from the Platts benchmark for its term contracts, the people said, switching to an average of China’s Mysteel index and the Argus Iron Ore Index.
The trial will run for the remaining period of Fortescue’s long-term contracts with China’s steel mills. Fortescue declined to comment. S&P said it does not comment on the index choices of individual companies, while CMRG did not immediately respond to a request for comment.
The state buyer has become more assertive in 2025, including banning some BHP Group iron ore products after long-term contract negotiations faltered, and pushing to curb port stockpiling while establishing an overseas trading body.
Rio and Fortescue have agreed to extend their long-term supply contracts with CMRG by six months into 2026, with the extensions applying to different periods: Rio’s existing contract was due to expire in February 2026, while Fortescue’s was set to end in December 2025.