Indian iron ore price up $4 in week ending Feb. 12
Shanghai. February 22. INTERFAX-CHINA - The average reference CIF (cost, insurance and freight) price for Indian iron ore grading 63.5 percent fluctuated between $133 per ton and $134 per ton from Feb. 8 to Feb. 12, up $4 when compared with the preceding Feb. 1 to Feb. 5 pricing period, according to data released on Feb. 22 by the China Chamber of Commerce of Metals, Minerals, and Chemicals Importers and Exporters (CCCMC).
Meanwhile, the average reference FOB (free on board) price for Indian iron ore grading 63.5 percent ranged between $114 per ton and $115 per ton over the week ending Feb. 12, up $10 when compared with the Feb. 1 to Feb. 5 period.
The BDI (Baltic Dry Index), which measures freight rates of raw materials, decreased from 2,722 points on Feb. 8 to 2,571 points on Feb. 12.
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