By Jupiter Kalambakal

Beijing, China

The world's biggest consumer of iron ore raw material, China, launched its own iron ore price index in an effort to have a greater say in global pricing.

In the first week of October, China's iron ore import price index stood at 652.41, down 0.13 points from the previous week. The average cost, insurance and freight (CIF) price of imported iron ore was $176.22 per metric ton in the first week of October, down three cents from a week ago.

The index uses iron ore prices of April 1994 as its base for computation, and is released weekly. It covers two indices, one for domestically produced iron ore and another for imported ore.

Global trading of iron ore is based on three major indices - the Steel Index, the Metal Bulletin Iron Ore Index and the Platts Iron Ore Index.

The import price index is based on data gathered from eight ports, while the domestic iron ore price index comes from the prices of iron ore concentrates in 14 provinces, autonomous regions and municipalities, including 32 mining areas.

The China Iron Ore Prices Index is compiled by the China Iron and Steel Association (CISA), the China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters, and the Metallurgical Mines' Association of China.


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World - China Launches Own Iron Ore Price Index | Global Viewpoint