Iron ore stockpiles fall in China's ports

Iron ore stockpiles fell at 25 major Chinese ports during the week ending on Sept. 24, according to Xinhua's latest iron ore price report released on Tuesday.

Inventories of imported iron ore at the ports stood at 101.28 million metric tons, down by 230,000 metric tons week on week.

The price index for 63.5-percent-grade iron ore imports rose two points to hit 111 points during the period, while the index for 58-percent-grade imports increased three points to stand at 92 points, according to the report.

The country's steel companies have been burdened with overcapacity and economic pressures since the start of the year, making them reluctant to replenish raw materials.

The steel companies saw their profits decline sharply in the first half, with the sector's combined profits tumbling 49.4 percent from a year earlier to 6.64 billion yuan (1.05 billion U.S. dollars), official data showed.

Due to the country's waning demand for steel, import prices of iron ore may fluctuate in a tight range or even fall in the near-term, Xinhua analysts said in the report.