Indian iron ore price down $2 in week ending Aug. 12
Shanghai. August 15. INTERFAX-CHINA - The average reference CIF (cost, insurance and freight) price for Indian iron ore grading 63.5 percent hovered between $184 and $185 per ton last week, down $2 from the previous week, according to data released Aug. 15 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 $167 and $168 per ton over the period, down $4 from the week before.
The BDI (Baltic Dry Index), a measure of raw material freight rates, rose by 1.82 percent during the week from 1,264 points on Aug. 8 to 1,287 points on Aug. 12.
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.
- KHM