Indian iron ore price down $4 in week ending Feb. 25
Shanghai. February 28. INTERFAX-CHINA - The average reference CIF (cost, insurance and freight) price for Indian iron ore grading 63.5 percent fluctuated between $190 and $192 per ton over the period of Feb. 21 to Feb. 25, a drop of $4 when compared to the preceding pricing period, according to Feb. 28 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 $169 and $171 per ton over the week ending Feb. 25, down $9 when compared to the Feb. 14 to Feb. 18 period.
The BDI (Baltic Dry Index), which measures the freight rates of raw materials, decreased from 1,295 points on Feb. 21 to 1,245 points on Feb. 25.
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