Imported iron ore prices fall
Source: www.chinamining.org Citation: Xinhua Date: June 24, 2015
Prices of imported iron ore at 33 major Chinese ports fell last week due to weak demand, a report showed on Tuesday. For the week ending June 22, the price index for imported iron ore of 62-percent purity dropped four points from the previous week to 61. The index for iron ore of 58-percent purity fell four points to 55, according to the Xinhua-China Iron Ore Index.
Inventories of imported iron ore stood at 78.83 million tonnes, down 1.41 million tonnes, or 1.56 percent, from the previous period (June 9 to 15).
The report said the slide in steel prices will continue to weigh on prices of imported iron ore.
China produced less steel in the first quarter of 2015 as demand shrank amid a slowing economy and government moves to overhaul the saturated sector, official data showed.
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.
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