It is reported that the price of Indian iron ore in China remained unchanged last week. The FOB price for 63.5% of Indian iron ore stood at $54 to $55 while the CIF price was $71 to $72 according to the Indian iron ore national reference price released by the China Chamber of Commerce of Metals, Minerals, and Chemicals Importers and Exporters.

The reference price was initiated as a trial in May 2005 and was created to help regulate domestic trades of Indian iron ore prevent speculation on raw materials in China's steel industry.