Indian iron ore CIF reference price in China down $11 in week ending Aug. 28
Shanghai. August 31. INTERFAX-CHINA - The average reference CIF (cost, insurance and freight) price for Indian iron ore grading 63.5 percent fluctuated between $85 per ton and $87 per ton from Aug. 24 to Aug. 28, down $11 when compared with the Aug. 17 to Aug. 21 period, according to data released on Aug. 31 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 $74 per ton and $76 per ton over the week ending Aug. 28, down $5 from the previous week.
The BDI (Baltic Dry Index), which measures freight rates of raw materials, decreased from 2,437 points on Aug. 24 to 2,421 points on Aug. 28.
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.