Imported iron ore prices continue to drop

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

For the week ending April 6, the price index for imported iron ore of 62 percent purity dropped five points from the previous week to 48. The index for iron ore of 58 percent purity fell three points to 41, according to the Xinhua-China Iron Ore Index.

Inventories of imported iron ore stood at 96.83 million tons, down 70,000 tons from the previous period (March 24-30).

Prices of mainstream imported ore fell below $50 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.

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.