Imported iron ore prices fall on weak demand

BEIJING -- The prices of imported iron ore at 25 major ports in China fell during the week ending Sept 10 from the previous week amid falling steel prices, according to Xinhua's latest iron ore price report released on Tuesday.

The price index for 63.5-percent-grade iron ore imports fell three points to 94 points, while the index for 58-percent-grade imports dropped three points to 75 in the week.

Furthermore, iron ore stockpiles stood at 101.88 million metric tons, down 650,000 tons week-on-week.

The report said the prices of imported iron ore have continued falling in recent periods as importers say even though the prices have fallen to the lowest levels in two years, demand from the domestic market has not yet been stimulated.

Meanwhile, steel producers are taking a cautious attitude in iron ore purchasing to reduce market risks, because steel product prices remain in a downward trend amid a slowing economy, according to the report.