Imported iron ore stockpiles drop in China

BEIJING -- Stockpiles of iron ore at a sample of 25 major Chinese ports declined last week, according to Tuesday's Xinhua-China iron ore index report.

At the end of the Sept 24 to Oct 7 period, inventories of imported iron ore at the ports stood at 73.27 million tons, down 58,000 tons or 0.08 percent on the previous sample period, the report said.

Usually measured over one week, the report this time covered two weeks because of China's National Day holiday. These impacted iron ore prices, it added.

The price index for 62-percent-grade iron ore dropped 2 points from the previous week to 130. The index for 58-percent-grade iron ore shed 1 point to 120.

The report forecast that iron ore prices would rise this week.