Imported iron ore stocks, prices fall last week

Inventories of iron ore at 25 of China's major sea ports dropped 1.1 percent to 93.18 million metric tons in the week ending on Oct. 10 from the previous week, according to the Xinhua-China Iron Ore Price Index released on Tuesday. Last week's imported iron ore stock was 990,000 metric tons less than that of one week earlier, according to the index, which is compiled by the Xinhua News Agency to track iron ore inventories and imports in Chinese spot markets. Meanwhile, the price index for 63.5-percent-purity iron ore imports fell nine points to hit 177 points, while that for 58-percent-purity iron ore imports decreased by seven points week-on-week to rest at 148 points. Xinhua analysts said iron ore demand from steel companies is dropping due to last month's sluggish steel market. Prices for some steel products have dipped to new lows since the start of the year. Analysts believe dropping inventories and a construction slowdown during the cold winter months will also have a negative impact on iron ore imports.