Indian iron ore price down $3.50 in week ending September 17
Shanghai. September 21. INTERFAX-CHINA - The average reference CIF (cost, insurance and freight) price for Indian iron ore grading 63.5 percent fluctuated between $146 per ton and $147 per ton between Sept. 13 and Sept. 17, down $3.50 when compared to the preceding pricing period, according to Sept. 20 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 $128 per ton and $129 per ton over the same period, down $0.50 when compared to the week of Sept. 6 to Sept. 10.
The BDI (Baltic Dry Index), which measures freight rates of raw materials, decreased from 2,995 points to 2,676 points on Sept. 17.
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.