Indian iron ore prices down $2 in week ending Dec. 4
Shanghai. December 8. INTERFAX-CHINA - The average reference CIF (cost, insurance and freight) price for Indian iron ore grading 63.5 percent fluctuated between $104 per ton and $105 per ton from Nov. 30 to Dec. 4, down $2 when compared with the preceding Nov. 23 to Nov. 27 pricing period, according to data released on Dec. 8 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 $78 per ton and $79 per ton over the week ending Dec. 4, down $1 from the Nov. 23 to Nov. 27 period.
The BDI (Baltic Dry Index), which measures freight rates of raw materials, increased from 3,887 points on Nov. 30 to 4,107 points on Dec. 4.
Indian iron ore reference prices were first introduced on a trial basis in May 2005 in order to help facilitate Indian iron ore trade in China as well as to prevent raw material speculation within the Chinese steel industry.