A report showed that prices of imported iron ore at 33 major Chinese ports have sunk to their lowest levels this year.
According to a Xinhua-China Iron Ore Index report, ror the week ending December 29th, the price index for iron ore imports with a 62% purity grade dropped 1 point from the previous week to 68. The index for imports of 58% purity grade stayed flat at 60.
Inventories of imported iron ore stood at 97.43 million tonne, down 1.76%, or 1.75 million tonne, over the previous period.
The report said the market witnessed slack trading of iron ore last week, due to the sharp decline of steel price. It is forecast that the lackluster steel demand will continue to push iron ore prices lower.
The report forecast that the iron ore market will continue to be sluggish in 2015 and the low prices of iron ore are likely to be the “new normal” of the market.
The index closely tracks changes in the domestic iron ore market on the basis of in-depth surveys of China’s major sea ports, iron ore traders and steel makers, as well as analysis of Customs statistics.
Source – Xinhua
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