Prices of imported iron ore slide

Prices of imported iron ore at 25 major Chinese ports saw sharper declines last week because of a weak steel market and drops in iron ore futures prices, new data showed.

For the week ending March 10, the price index for iron ore imports with a 62-percent purity grade dropped 5 points from the previous week to 113. The index for imports with 58-percent purity dipped 4 points to 102, according to the Xinhua-China Iron Ore Index report on Tuesday.

The index, compiled through research and analysis of 25 sea ports, also showed that stockpiles of imported iron ore continued climbing, reaching 103.21 million tonnes last week, up 2.15 percent from a week earlier.

The report also said transactions were weak, as steel companies bargained hard with prices and were also cautious in making any purchase orders.

Earlier data showed the purchasing managers' index for the steel industry dropped for a third month in February, hitting 39.9 percent, down 0.8 percentage points from January. The index also marked a new low since September 2012.