China's imported iron ore prices fall

BEIJING - Prices of imported iron ore at 33 major Chinese ports continue to fall due to low spot prices and weak demand in the market, a report showed on Tuesday.

For the week ending May 4, the price index for imported iron ore of 62-percent purity dropped two points from the previous week to 56. The index for iron ore of 58-percent purity fell two points to 50, according to the Xinhua-China Iron Ore Index.

Inventories of imported iron ore stood at 92.44 million tons, down 1.84 million tons, or 1.95 percent, from the previous period (April 21-27).

Prices of mainstream imported ore fell to $60 per ton last week as a result of weak demand.

The report said the downward trend of steel prices will continue to weigh on prices of imported iron ore.

China produced less steel in the first quarter of 2015 as demand shrank amid a slowing economy and government moves to overhaul the saturated sector, official data showed.

The index tracks changes in the domestic iron ore market on the basis of surveys of major sea ports, iron ore traders, steel makers and customs statistics.