Indian iron ore price down $11 in week ending May 14
Shanghai. May 17. INTERFAX-CHINA - The average reference CIF (cost, insurance and freight) price for Indian iron ore grading 63.5 percent fluctuated between $172 per ton and $174 per ton from May 10 to May 14, down $11 when compared with the preceding May 4 to May 7 pricing period, according to data released on May 17 by the China Chamber of Commerce of Metals, Minerals, and Chemicals Importers and Exporters.
Meanwhile, the average reference FOB (free on board) price for Indian iron ore grading 63.5 percent ranged between $143 per ton and $144 per ton over the week ending May 14, down $15 when compared with the period from May 4 to May 7.
The BDI (Baltic Dry Index), which measures freight rates of raw materials, increased from 3,707 points on May 10 to 3,929 points on May 14.
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.
-XH