Indian iron ore price down $1 in week ending Nov. 27
Shanghai. November 30. INTERFAX-CHINA - The average reference CIF (cost, insurance and freight) price for Indian iron ore grading 63.5 percent fluctuated between $106 per ton and $107 per ton from Nov. 23 to Nov. 27, down $1 when compared with the preceding Nov. 16 to Nov. 20 pricing period, according to data released on Nov. 30 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 $79 per ton and $80 per ton over the week ending Nov. 27, unchanged from the Nov. 16 to Nov. 20 period.
The BDI (Baltic Dry Index), which measures freight rates of raw materials, decreased from 4,423 points on Nov. 23 to 3,974 points on Nov. 27.
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