Indian iron ore spot prices surge by USD 5 last week

June 25, 2008

June 25th (Steel Guru) – The China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters has released the average reference prices for import transactions of Fe 63.5% Indian iron ore concluded last week on June 23rd 2008

Delivery Price Change
FOB Indian port USD 140-USD 145 Up by USD 5
CIF Chinese port USD 185-USD 190 Up by USD 5
     

The change is with respect to prices posted on June 16th 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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