Indian iron ore spot prices further dip by USD 3 to USD 5

May 28, 2008

May 28 (Steel Prices India) – The China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters has announced the average reference prices for import transactions of Fe 63.5% Indian iron ore concluded last week on May 26th 2008.

Delivery Price Change

Delivery Price Change
FOB Indian port USD 135-USD 140 Down by USD 3-USD 5
CIF Chinese port USD 181-USD 186 Down by USD 2
     

The change is with respect to prices posted on May 19th 2008

The CCCMC reference prices are average prices for import transactions of Fe 63.5% Indian iron ore concluded the week prior to issuance date of such reference prices. The reference price practice is intended to regulate the domestic trading of Indian iron ore and avoid speculation on the raw material for China’s booming steel industry.

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