Rana Gruber ASA - Rana Gruber enters iron ore swap contracts - Platts and SGX updates index benchmark
Rana Gruber ASA has entered new swap contracts for January - June 2026.Volumes
Rana Gruber ASA has agreed to sell:o 15.000 mt in January 2026 at an average price of 103.35 USD/mto 15.000 mt in February 2026 at an average price of 102.75 USD/mto 45.000 mt in March 2026 at an average price of 102.15 USD/mto 15.000 mt in April 2026 at an average price of 101.65 USD/mto 15.000 mt in May 2026 at an average price of 101.05 USD/mto 15.000 mt in June 2026 at an average price of 100.45 USD/mt
Total volume of iron ore swap contracts after today is:o September 2025: 60.000 mt (avg. 104.0 USD/mt)o Q4-25: 225.000 mt (avg. 103.47 USD/mt)o Q1-26: 180.000 mt (avg. 100.99 USD/mt)o Q2-26: 45.000 mt (avg. 101.05 USD/mt)The contracts entered are the 1st swap fixtures following the new benchmarkupdate by index providers Platts and SGX.
Until now, the standard benchmark for iron ore contracts has been based on aniron content level of 62 per cent (Fe 62). Earlier this year, Platts and SGXannounced that the global benchmark will change from 62 per cent Fe to 61 percent Fe specifications. This adjustment will apply to both new and opencontracts expiring from January 2026 onwards. As a result, Rana Gruber's swapcontracts will be adjusted from January 2026. The impact is expected to benegligible, given a similar drop in the market value of spot futures.
For fysical sales, prices are adjusted depending on the actual quality of theore, with discounts applied for lower Fe grades and premiums for highergrades.As Rana Gruber's iron ore concentrate is close to 65 per cent Fe, the companytypically realizes a premium compared to benchmark prices.
Background on benchmark adjustment.The change in benchmark reflects a gradual quality degradation in global ironore supply, particularly from Australian producers. In contrast, Rana Grubercontinues to strategically increase the iron content of its concentrateproducts.
To reflect this change, all existing swap contracts with expiry from January2026 will be adjusted to new Fe 61 prices, approximately USD 2.6/mt lower thanthe Fe 62 prices. This is based on the price differential between the 62 Feand61 Fe over the past few months. For Rana Gruber, a key priority going forward will be to have new deliverieslinked to the higher paying Fe65 index. The Rana ore is close to 65 per centpurity, and the company expect to have more visibility on the Fe65 indextransition on the capital markets day in November.
Find more information on the index benchmark adjustment here:https://www.spglobal.com/content/dam/spglobal/ci/en/documents/platts/en/our-methodology/methodology-specifications/metals/supporting-materials/faq-platts-iodex-quality-specifications.pdf
Contact CEO, Gunnar Moe +47 941 47 650 Gunnar.moe@ranagruber.no
CFO, Erlend Høyen +47 902 02 741 Erlend.hoyen@ranagruber.no
About Rana Gruber ASA Rana Gruber is a Norwegian iron ore producer established in 1964, withoperations based on more than 200 years of mining experience. The company'sproducts are based on natural mineral resources, which are processed andexported to customers worldwide. Key customers include steel producers andparticipants in the chemical industry. The company has about 370 employees andaproduction capacity of 1.8 million metric tons of iron ore concentrates.
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