Metal Bulletin Iron Ore Index 06-02-2009
The Metal Bulletin Iron Ore Index has seen further gains this week, under the influence of increasing freight rates from India, an increase in VAT on iron ore in China, and a small surge in optimism.
However, the volume traded remains down, following the almost complete shutdown during Chinese New Year celebrations last week, as the Chinese steel market is relatively stable, and steel mills remain cautious about over purchasing raw materials.
The MBIO Index increased to $78.83/tonne CFR Qingdao, based on 62% Fe. This is an increase of $4.58/tonne from last week, or 6.2%.
Iron Ore Index
06-02-2009 30-01-2009 23-01-2009 16-01-2009 09-01-2009 02-01-2009
78.83 74.25 73.34 74.09 73.64 72.54
Freight Rate
Type Route $ / tonne
Capesize Dampier (Aus)-Qingdao $5.60
Supramax Paradip (In)-Qingdao $9.90
Capesize Tubarao (Br)-Qingdao $16.80
Rates for 02 Feb 2009 by Metal Bulletin
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