Prices of imported iron ore at 33 major Chinese ports have continued a downward trend due to a sharp decline in the price of steel, a report showed Tuesday.
For the week ending Jan. 26, the price index for iron ore imports with a 62-percent purity grade dropped two points from the previous week to 66. The index for imports of 58-percent purity grade went down one point to 59, according to a Xinhua-China Iron Ore Index report.
Inventories of imported iron ore stood at 101.73 million tonnes, up 2.86 percent, or 2.83 million tonnes, over the previous period (Jan.13-19).
The report said the sharp decline in steel prices led to the fall of iron ore prices last week. It is forecast that the lackluster steel demand will continue to push iron ore prices lower.