BEIJING — The average China Iron Ore Price Index dropped slightly in September from the previous month, according to the China Iron and Steel Association (CISA).

The monthly average dropped 0.37 percent month-on-month to 335.35 in September, according to the CISA.

In breakdown, the price index for domestically produced iron ore was down by 4.22 percent month on month to 330.45 in September, while the price index for imported iron ore went up 0.38 percent to 336.27.

Imported iron ore stocks at domestic ports amounted to 120 million metric tons at the end of September, down 0.81 percent from a month earlier, according to the CISA.

With the increase of imported iron ore and the rising supply of steel scrap, the oversupply trend of iron ore will dominate and the price will continue to decline, according to the CISA.