Platts methodology guides platts publishes a methodology guide for each of the markets in which it produces price assessments. the guides are intended to provide market participants with general and specific criteria that underpin platts assessments. methodology guides are updated periodically to reflect changes in the market and in trading practice. latts engages with market participants and values feedback on any aspect of its assessment methodology. platts recognizes that markets are constantly evolving and it seeks to ensure that its assessments keep in step with evolving market requirements.
Changes to the methodology and/or specifications are typically advised in subscriber notes published on the platts website www. platts. com and in its electronic and print publications. such changes are subsequently incorporated in periodic updates to the methodology guides. each guide is dated and bears an issue number for reference purposes. latts is completely impartial and independent in its role as a market observer, and welcomes dialogue with all sides of the market including sellers, buyers and any intermediaries. for any questions or comments relating to platts steel, ferrous scrap and iron ore assessment methodology please contact the director of market reporting, metals – email: com. tel: +44 (0) 20 7176 6239. platts monitors activity throughout the day and uses the information gathered in its assessments. it should be noted, however, that platts assessments do not reflect an average of the deals reported over the day. n general, volume-weighted averages can be distorted by the pattern of trading over the day, the parameters of individual deals submitted for assessment, and by statistical aberrations relating to sample size, for instance if there is a lack of disclosure of all deals done over a particular day. normalization / effective
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Pricing markets can be heterogeneous in nature, and transactable values are determined by many factors including the quality and chemical specification of materials, the size of the order, timing and delivery terms, and options held by the seller or buyer relating to the deal parameters. he iron ore industry also defines a base price around the fe content of the ore and differentiates value accordingly. platts where possible seeks to align its assessment processes with industry practice. platts takes bid, offer and deal information and relates these to the base standard reflected in its assessments. these base standards are defined under each individual assessment (see below).
latts actively seeks to align the disparate information provided on individual transactions to determine the true and accurate market value of a product and/ or commodity type reflected, and will strip out any aberrations caused by unusual optionalities or restrictions. for further details of how platts normalizes prices for quality and dimensions, trade size, location and delivery terms, timing and other parameters, see the section in this guide on normalization. assessment
PrinciPles convergence with market value platts assessments reflect the transactable value of products and commodities traded in the open market. latts objective is to publish assessment values that converge with market values for the product or commodity types reflected. as a publisher owned by mcgraw-hill, independence and impartiality are at the heart of what platts does. platts has no financial interest in the price of the products or commodities on which it reports. platts aim is to reflect where the actual market level is. to ensure the assessments are as robust as possible, platts editorial systems are backed by a strong corporate structure that includes managerial and compliance oversight. time sensitive assessment latts recognizes that price is a function of time, and that prices change constantly. all platts assessments are time-stamped,
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Webster defines "efficient" as acting or functioning competently, with minimum waste or extra motion. The term retains this meaning in the context of efficient markets. An efficient market must function competently, without waste or extra movement. What do we mean by functioning competently, however? One way to address this question is by looking at examples of markets that do not function ...
To provide a consistent price basis even at times of volatility in the market. platts time-stamps its assessments to reflect market value at the close of business in each trading zone. platts considers in its assessments all the information provided to it over the day regarding deals, bids and offers in the market, but the value reflected in its assessment is the traded or tradeable value prevailing at the market close. platts does not reflect in its assessments one-off deals at off-market levels. ransaction-based platts assessments are based on actual transactions, and/or on specific firm bids and offers in the market. platts aim is to determine the full circumstances surrounding each deal, including details of quality specifications, order sizes, dimensions, lead times, and any locational and loading/delivery information, and to use that objective information to determine a typical and repeatable market level for iron ore of the published grade. platts bases its assessments on transparent deals, bids and offers in the market, and reflects the traded or tradeable value at the arket close. transParency platts applies the principles of market-on-close (moC) price discovery in all its assessments in all market sectors, appropriate to the level of transparency. whilst platts recognizes the reality that some markets are opaque while other markets are more transparent, platts bases its assessments on the information that is the most transparent and therefore most fully verifiable, in any given marketplace. typically, markets go through a three-stage evolution before full transparency is achieved.
