Indian iron ore price down $9 in week ending July 2
Shanghai. July 5. INTERFAX-CHINA - The average reference CIF (cost, insurance and freight) price for Indian iron ore grading 63.5 percent fluctuated between $137 per ton and $138 per ton between June 28 and July 2, down $9 when compared to the preceding pricing period, an employee from the China Chamber of Commerce of Metals, Minerals, and Chemicals Importers and Exporters told Interfax on July 5.
The average reference FOB (free on board) price for Indian iron ore grading 63.5 percent ranged between $120 per ton and $121 per ton over the week ending July 2, also down $9 when compared to the June 21 to June 25 period.
The BDI (Baltic Dry Index), which measures freight rates of raw materials, decreased from 2,482 points on June 28 to 2,280 points on July 2.
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.