Iron ore prices slide on weak demand

Import prices of iron ore continued to decline due to slowing demand, according to Xinhua's latest iron ore price report released on Tuesday. 

The price index for 63.5-percent-grade iron ore imports fell one point at 121 points during the week ending on August 13 from the previous week. The index for 58-percent-grade imports remained at 102 points for the week but is down 14 percent this year. 

Inventories of imported iron ore at 25 major ports hit 98.59 million tons, down 170,000 tons from the previous week, according to the report. 

The slowing economy and waning demand for steel products resulted in overall losses among the nation's steelmakers, Xinhua analysts said. 

Import prices of iron ore will not see a rapid recovery in the near future, but continue to falter, they added.