Imported iron ore prices fall

Imported iron ore prices dipped in the week ending May 14 due to waning demand, according to the Xinhua-China Iron Ore Price Index released Tuesday.

The price index for 63.5-percent-purity iron ore imports fell two points to hit 146 points, while the price index for 58-percent-purity iron ore imports decreased three points week-on-week to rest at 125 points, according to the index, which is compiled by Xinhua News Agency to track iron ore inventories and imports in Chinese spot markets.

Stockpiles of imported iron ore at 25 of China's major sea ports rose to 97.82 million tonnes, up 60,000 tonnes from a week earlier.

There were no signs of a big recovery in domestic steel demand. Large steel mills further cut ex-factory prices in recent days, and steel prices slumped in spot markets and futures markets, Xinhua analysts said, adding that market turnover still retreated.

China's daily crude steel output rose to a record high of 2.03 million tonnes in April, up 2 percent from the previous month, according to official data.

Import prices of iron ore are expected to trend downward in the near future, as demand will remain sluggish in May, according to Xinhua analysts.