China's imported iron ore prices fall

BEIJING - The price of iron ore imported into China decreased for the week ending on March 20 compared to one week earlier, new figures showed on Tuesday.

The price index for 63.5-percent-purity iron ore imports fell two points to hit 150 points, according to an index compiled by the Xinhua News Agency to track iron ore inventories and imports in Chinese spot markets.

The price index for 58-percent-purity iron ore imports dipped by one point to rest at 130 points.

Meanwhile, iron ore inventories at 25 of China's major sea ports stood at 97.11 million tons on April 23, up 820,000 tons from April 13.

Xinhua analysts said the price decreases were due to a sluggish steel market, as the steel sector posted widespread losses in the first quarter.

Steel companies are likely to further tighten purchases of raw materials and the price of imported iron ore is likely to trend downward in the short-term, the analysts said.