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India’s Fomento 2nd Iron Ore Sale Priced Against Platts Assessment May Start Floating Price Trend
Apr. 15, 2013 03:46PM PST
Base Metals Investing Platts reported that Fomento Resources has sold for the 2nd time spot iron ore priced against Platts 58% iron ore assessments, possibly signaling a new trend of cargoes from India being sold on a floating basis to avoid the impact of price volatility.
Platts reported that Fomento Resources has sold for the 2nd time spot iron ore priced against Platts 58% iron ore assessments, possibly signaling a new trend of cargoes from India being sold on a floating basis to avoid the impact of price volatility.
As quoted in the market news:
The company awarded its sell tender for a 58%-Fe iron ore fines cargo at parity to the average of Platts 58%-Fe CFR North China iron ore assessments — on April 12 and over April 15-18 — on an FOB basis, taking into account a freight netback of $14-14.50/wmt, a source close to the matter said Monday, adding that the buyer was Singapore-based trading house Swiss Singapore.
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