Indian iron ore price down $7.50 in week ending March 4
Shanghai. March 7. INTERFAX-CHINA - The average reference CIF (cost, insurance and freight) price for Indian iron ore grading 63.5 percent fluctuated between $183 and $184 per ton over the period of Feb. 28 to March 4, a drop of $7.50 when compared to the preceding pricing period, according to March 7 data from the China Chamber of Commerce of Metals, Minerals, and Chemical Importers and Exporters.
The average reference FOB (free on board) price for the same iron ore ranged between $164 and $165 per ton over the week ending March 4, down $5.50 when compared to the Feb. 21 to Feb. 25 period.
The BDI (Baltic Dry Index), which measures the freight rates of raw materials, increased from 1,251 points on Feb. 28 to 1,346 points on March 4.
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 the Chinese steel industry.
- XH
