BEIJING -- Inventories of China's iron ore at 25 major ports dipped 0.12 percent week-on-weekto 93.07 million metric tons in the week ending Oct 17, according to the Xinhua-China Iron OrePrice Index released on Tuesday.
Last week's supplies of imported iron ore were 110,000 metric tons lower than that of theprevious week, according to the index.
The price index for 63.5-percent-purity and 58-percent-purity iron ore imports both dropped 10points to 167 points and 138 points, respectively.
The downward trend in China's iron ore price will continue due to sluggish demand from steelmanufacturers and the global economic downturn, according to Xinhua analysts.
The weakening domestic demand from industries such as construction, automobiles andrailway construction will continue to weigh on imported iron ore prices, as a wait-and-seeapproach has become common among downstream companies, according to the analysts.
Iron ore producer giant Vale of Brazil recently said it would scale down its contracting prices ofiron ore with Chinese steel companies in the fourth quarter
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