Import prices of iron ore continued to fall in the week ending December 3 due to stagnant demand as steel mills cut production amid the slowing economy, according to Xinhua’s latest iron ore price report.

Inventories of imported iron ore at 25 major Chinese ports stood at 92.16Mt during the week ending December 3, down 3.56Mt, or 3.71%, from a week earlier.

The price index for 63.5%-grade iron ore imports fell two points to 119 during the period, while the index for 58%-grade imports also dropped two points to 100 points, according to the report.

The price of imported iron ore showed its vulnerability in the week of November 27- December 3, falling under the burden of the decreasing steel prices in the domestic market.

Source: China Metals e-mail