Thursday, 20 Oct 2011
According to Xinhua, China Iron Ore Price Index released, inventories of China iron ore at 25 major ports dipped 0.12% WoW to 93.07 million tonnes in the week ending October 17.
According to the index last week supplies of imported iron ore were 110,000 tonnes lower than that of the previous week.
The price index for 63.5% purity and 58% purity iron ore imports both dropped 10 points to 167 points and 138 points respectively.
According to Xinhua analysts the downward trend in China's iron ore price will continue due to sluggish demand from steel manufacturers and the global economic downturn.
According to the analysts the weakening domestic demand from industries such as construction, automobiles and railway construction will continue to weigh on imported iron ore prices, as a wait-and-see approach has become common among downstream companies.
Iron ore producer giant Vale of Brazil recently said it would scale down its contracting prices of iron ore with Chinese steel companies in the fourth quarter.
(Sourced from www.chinadaily.com.cn)
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