Shanghai, July. 3 (Xinhua) -- Imported iron ore prices dipped in the week ending July 2 due to continued waning demand and overall economic woes, according to the Xinhua-China Iron Ore Price Index released Tuesday.
The price index for 63.5-percent-purity iron ore imports fell one point week on week to hit 139 points, while the price index for 58-percent-purity iron ore imports decreased one point week on week to rest at 118 points, according to the index, which is compiled by Xinhua News Agency to track iron ore inventories and imports on Chinese spot markets.
Stockpiles of imported iron ore at 25 of China's major sea ports rose to 97.46 million tonnes amid weak demand, up 700,000 tonnes from a week earlier.
The nation's steel prices have taken a dive since the start of the year, curtailing demand for iron ore imports, as the growth rate of the country's fixed-asset and real estate investments have fallen and other major steel-using industries, such as the automobile and electrical machinery industries, have all expanded at slower paces.
A tug of war between iron ore miners who were unwilling to sell their products at low prices and steel manufacturers who were cautious about replenishing inventories have led to a decline in market turnover, Xinhua analysts said, adding that domestic demand for steel and iron ore will remain sluggish in the short-term.