Indian iron ore spot prices last week - 20 Aug, 2008
China Chamber of Commerce of Metals, Minerals and Chemicals Importers & Exporters has released the average reference prices for import transactions of ferrous 63.5% Indian iron ore concluded last week on August 17th 2008 as under
Delivery
This week
Last week
FOB Indian port
130 to 138
138 to 145
CIF Chinese port
175 to 180
175 to 185
Price in USD per tonne
The change is with reference to that posted on August 11th 2008
But, as per market sources, there is hardly any import transactions as Chinese ports are saddled with huge inventories and buyers are reluctant to buy these stocks. As per reports, USD 120 to USD 130 levels are being quoted for Iranian origin stocks at ports.
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. The China Chamber of Commerce of Metals, Minerals and Chemicals Importers & Exporters are the largest trading association in China.
