Indian iron ore price up $2 in week ending Aug. 19 (repeat)
Editor's note: the original version of this story published at 11:32am contained an incorrect date in the headline. This has been fixed.
Shanghai. August 23. INTERFAX-CHINA - The average reference CIF (cost, insurance and freight) price for Indian iron ore grading 63.5 percent hovered between $186 and $187 per ton last week, up $2 from the previous week, according to data released Aug. 22 by the China Chamber of Commerce of Metals, Minerals Chemical Importers Exporters.
The average reference FOB (free on board) price for iron ore of the same grade ranged between $169 and $170 per ton over the period, up $2 from the week before.
The BDI (Baltic Dry Index), a measure of raw material freight rates, rose by 7.5 percent during the week from 1,360 points on Aug. 15 to 1,462 points on Aug. 19.
Indian iron ore reference prices were first introduced in May 2005 in order to help Indian iron ore trade in China, as well as to prevent raw material speculation within China's steel industry.
-PY