BEIJING -- Inventories of iron ore at 25 of China's major sea ports dropped 1.1 percent to 93.18million metric tons in the week ending on Oct 10 from the previous week, according to theXinhua-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 oreinventories and imports in Chinese spot markets.
Meanwhile, the price index for 63.5-percent-purity iron ore imports fell nine points to hit 177points, 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'ssluggish steel market. Prices for some steel products have dipped to new lows since the start ofthe year.
Analysts believe dropping inventories and a construction slowdown during the cold wintermonths will also have a negative impact on iron ore imports.
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