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 This week Last week
Delivery This week Last week
FOB Indian port USD 55-USD 56 USD 59-USD 60
CIF Chinese port USD 66-USD 67 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 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.
As per 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
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Source : SteelGuru