(MENAFN) New data showed that prices of imported iron ore at 33 major Chinese ports have declined to a record-low during the current year, QNA reported.
According to the Xinhua-China Iron Ore Index report, the trend was attributed to steel firms' caution in making any purchase orders amid a sluggish steel market.
An economic slowdown and a cooling real estate market are depressing the steel market. Steel prices have slumped by USD34 per ton since the start of August.
In the week ending Sept. 9, the price index for iron ore imports with a 62-percent purity grade dropped five points from the previous week to 83.
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