Imported iron ore stockpiles decline in China

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

Inventories of imported iron ore stood at 74.32 million tons from Sept 17 to 23, down 990,000 tons or 1.33 percent week on week, the report said.

The country celebrated its Mid-Autumn Festival last Thursday and Friday and the holiday impacted iron ore prices, the report said.

The price index for 62-percent-grade iron ore dropped 3 points from the previous week to 132. The index for 58-percent-grade iron ore shed 4 points to 121.

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