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Reuters reported that spot iron ore prices are likely to stretch losses this week after a fall last week the biggest drop since July 2010 on slack demand from top importer China as mills wait for prices to drop further before returning to the market. Iron ore has lost more than 15% so far in October, on track for its biggest monthly decline since May 2010 as slower steel demand in China curbed output and appetite for the steelmaking ingredient.An iron ore trader in Shanghai said "It's a tough market. I see prices going down further. There are inquiries from Chinese mills but they want lower prices." The steelmaking raw material lost ground for the seventh straight week last week, and lost 8.4% in its steepest weekly decline since July 2010.Chinese consultancy Umetal said sellers cut prices further on Monday, with Indian 63.5/63 grade iron ore fines at USD 150 per tonne to USD 152 a tonne including freight down USD 4 from Friday. The Shanghai trader said "Prices may not fall as much as they did last week but I still think 63.5/63 will go down to USD 130 eventually."Umetal said offers for other grades also dropped with Australian 61.5 grade Pilbara fines down USD 3 at USD 138 to USD 149 a tonne and 58-grade Yandi fines at USD 122 to USD 124 also USD 3 lower. The steep drop in prices in the past two weeks prompted iron ore miners to tweak long-term contract rates to reflect falling spot rates.