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BERLIN (Scrap Monster): Germany's iron ore import prices dropped 3.3% month-on-month in August this year to reach its lowest level in last 27 months, as per latest data released by Wie das Statistische Bundesamt (Destatis).

According to the Destatis data, the three-month rolling average of free-at-the-German border iron ore prices was 1.3% weaker than in July, partly reflecting quarterly contract prices, which track spot prices with a time lag of several months.

Country's iron ore import prices were dropped 20.3% year-on-year, falling at their fastest in an eight-month deflation trend. In 2011, annual inflation had approached 35%.

Among other inputs for the steel industry, import prices for coking products eased 1.3% month on month, hard coal prices were down 2.0% and prices for pig iron, steel and ferroalloy products declined 1.3%, the Destatis data showed.