Indian iron ore price up $4 in week ending October 15
Shanghai. October 18. INTERFAX-CHINA - The average reference CIF (cost, insurance and freight) price for Indian iron ore grading 63.5 percent fluctuated between $158 per ton and $159 per ton between Oct. 11 and Oct. 15, up $4 when compared to the preceding pricing period, according to Oct. 18 data from the China Chamber of Commerce of Metals, Minerals, and Chemicals Importers and Exporters.
The average reference FOB (free on board) price for Indian iron ore grading 63.5 percent ranged between $140 per ton and $141 per ton over the week ending Oct. 15, up $4 when compared to the Sep. 27 to Sep. 30 period.
The BDI (Baltic Dry Index), which measures freight rates of raw materials, increased from 2,446 points to 2,762 points on Oct. 15.
Indian iron ore reference prices were first introduced on a trial basis 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.