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 March 30th 2009.
Delivery FOB Indian port
This week: USD 55-USD 56
Last week: USD 59-USD 60
Delivery CIF Chinese port
This week:USD 66-USD 67
Last week: USD 68-USD 69
The change is with respect to prices posted on March 23rd 2009
The CCCMC reference prices are average prices for import transactions of Fe 63.5% Indian iron ore concluded the week prior to the issuance date of these 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.
According to www.steelprices-india.com, the prevailing actual prices are much lower :
63.5% / 63% - USD 51
63.5% / 62.5% - USD 50
FOB East Coast
Source: Steel Guru
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