India’s Fomento 2nd Iron Ore Sale Priced Against Platts Assessment May Start Floating Price Trend

Platts reported that Fomento Resources has sold for the 2^nd 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.

Click here to read the full Platts report.