Iron ore price negotiations – Spot prices rally in last 10 months
126 times viewed.
Friday, 02 Nov 2007
Baosteel had settled iron ore prices with Companhia Vale do Rio Doce BHPB and Rio Tinto during the 3rd week of December 2006 at 80.4 US cents per metric tonnes per one percent unit iron on FOB basis, which translated to USD 51.05 per tonnes for 63.5% grade iron ore.
However, the movement of spot prices for Indian iron ore with 63.5% Fe content, as monitored and reported by CCCCMC, since the settlement of benchmark prices in December 2006 have shown major surge by jumping from USD 55 levels to USD 130 levels.
The movement of CCCMC reported prices on FOB Indian port, CIF Chinese port and derived freight during last 10 months is as under
| Date | FOB Av | Change | CIF Av | Change | Freight | Change |
| 2007.10.29 | 132.5 | 16.7% | 177.5 | 15.6% | 45.0 | 12.5% |
| 2007.10.08 | 113.5 | 7.6% | 153.5 | 11.6% | 40.0 | 25.0% |
| 2007.09.03 | 105.5 | 3.9% | 137.5 | 0.7% | 32.0 | -8.6% |
| 2007.08.27 | 101.5 | 25.3% | 136.5 | 25.2% | 35.0 | 25.0% |
| 2007.07.30 | 81.0 | 11.7% | 109.0 | 7.4% | 28.0 | -3.4% |
| 2007.06.25 | 72.5 | -1.4% | 101.5 | 0.0% | 29.0 | 3.6% |
| 2007.05.28 | 73.5 | 15.7% | 101.5 | 18.7% | 28.0 | 27.3% |
| 2007.03.05 | 63.5 | 6.7% | 85.5 | 4.9% | 22.0 | 0.0% |
| 2007.02.12 | 59.5 | 0.0% | 81.5 | 1.2% | 22.0 | 4.8% |
| 2007.01.29 | 59.5 | 80.5 | 21.0 |
Prices in USD
Sources – CCCMC
