Indian iron ore price up $5 in week ending Nov. 13
Shanghai. November 16. INTERFAX-CHINA - The average reference CIF (cost, insurance and freight) price for Indian iron ore grading 63.5 percent fluctuated between $103 per ton and $104 per ton from Nov. 9 to Nov. 13, up $5 compared with the previous Nov. 2 to Nov. 6 pricing period, according to data released on Nov. 16 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. 13, up $3 from the Nov. 2 to Nov. 6 period.
The BDI (Baltic Dry Index), which measures freight rates of raw materials, increased from 3,480 points on Nov. 9 to 4,111 points on Nov. 13.
Indian iron ore reference prices were first introduced on a trial basis in May 2005 in order to help regulate Indian iron ore trade in China as well as to prevent raw material speculation within the Chinese steel industry.-GD