Xinhua reported that stockpiles of iron ore fell at 25 major Chinese ports during the week ending on Oct 15.

According to Xinhua's latest iron ore price report released on Tuesday, inventories of imported iron ore at the ports stood at 100.6 million metric tons, down by 1.04 million metric tonnes or 1.02% from a week earlier.

The price index for 63.5% grade iron ore imports rose eight points to 117 points during the period, while the index for 58% grade imports increased nine points to stand at 99 points.

Xinhua analysts said in the report that buoyed by rising steel prices, import prices of iron ore gained last week but are unlikely to report further increases. This is because steel companies may be slow to replenish their stocks of steel-making raw materials in the short term.

Source - Xinhua

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