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Iron Ore Price Assumptions Wood Mackenzie uses Australian fines 62% Fe as the main benchmark product for its iron ore price assumption. Prices for other iron ore products are assessed in relation to the benchmark prices and then assigned a percentage (%) discount or premium on that basis. Although the short-term view may fluctuate due to a number of macro-environmental factors (political, social, economic and technological), the long-term view should remain static over a prolonged period and should therefore not change markedly every quarter when our new price assumptions are released. Other global benchmark product prices are Australian Lump (63% Fe) and Brazilian Pellets (65% Fe). The Wood Mackenzie nominal prices to 2031 are detailed in the table below. These prices escalate at 2% from 2031 onwards.