Rana Gruber ASA has entered new swap contracts for January – June 2026.
Volumes
Rana Gruber ASA has agreed to sell:
• 15.000 mt in January 2026 at an average price of 103.35 USD/mt
• 15.000 mt in February 2026 at an average price of 102.75 USD/mt
• 45.000 mt in March 2026 at an average price of 102.15 USD/mt
• 15.000 mt in April 2026 at an average price of 101.65 USD/mt
• 15.000 mt in May 2026 at an average price of 101.05 USD/mt
• 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:
• September 2025: 60.000 mt (avg. 104.0 USD/mt)
• Q4-25: 225.000 mt (avg. 103.47 USD/mt)
• Q1-26: 180.000 mt (avg. 100.99 USD/mt)
• Q2-26: 45.000 mt (avg. 101.05 USD/mt)
The contracts entered are the 1st swap fixtures following the new benchmark update by index providers Platts and SGX.
Until now, the standard benchmark for iron ore contracts has been based on an iron content level of 62 per cent (Fe 62). Earlier this year, Platts and SGX announced that the global benchmark will change from 62 per cent Fe to 61 per cent Fe specifications. This adjustment will apply to both new and open contracts expiring from January 2026 onwards. As a result, Rana Gruber’s swap contracts will be adjusted from January 2026. The impact is expected to be negligible, given a similar drop in the market value of spot futures.
For fysical sales, prices are adjusted depending on the actual quality of the ore, with discounts applied for lower Fe grades and premiums for higher grades. As Rana Gruber’s iron ore concentrate is close to 65 per cent Fe, the company typically realizes a premium compared to benchmark prices.
Background on benchmark adjustment.
The change in benchmark reflects a gradual quality degradation in global iron ore supply, particularly from Australian producers. In contrast, Rana Gruber continues to strategically increase the iron content of its concentrate products.
To reflect this change, all existing swap contracts with expiry from January 2026 will be adjusted to new Fe 61 prices, approximately USD 2.6/mt lower than the Fe 62 prices. This is based on the price differential between the 62 Fe and 61 Fe over the past few months.
For Rana Gruber, a key priority going forward will be to have new deliveries linked to the higher paying Fe65 index. The Rana ore is close to 65 per cent purity, and the company expect to have more visibility on the Fe65 index transition 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, with operations based on more than 200 years of mining experience. The company's products are based on natural mineral resources, which are processed and exported to customers worldwide. Key customers include steel producers and participants in the chemical industry. The company has about 370 employees and a production capacity of 1.8 million metric tons of iron ore concentrates.