Indian iron ore price down $1 in week ending September 3
Shanghai. September 6. INTERFAX-CHINA - The average reference CIF (cost, insurance and freight) price for Indian iron ore grading 63.5 percent fluctuated between $151 per ton and $152 per ton between Aug. 30 and Sept. 3, down $1 when compared to the preceding pricing period, according to a representative from the China Chamber of Commerce of Metals, Minerals, and Chemical Importers and Exporters (CCCMC) who spoke to Interfax.
The average reference FOB (free on board) price for Indian iron ore grading 63.5 percent ranged between $131 per ton and $132 per ton over the week ending Sept. 3, down $2.50 when compared to the Aug. 30 to Sept. 3 period.
The BDI (Baltic Dry Index), which measures freight rates of raw materials, increased from 2,712 points to 2,876 points on Sept. 3.
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.