Iron ore stockpiles increase at China's ports

Stockpiles of iron ore increased at 25 major Chinese ports during the week ending on Nov. 5, according to Xinhua's latest iron ore price report, which was released on Tuesday. Inventories of imported iron ore at the ports stood at 97.91 million metric tons, up by 540,000 metric tons from a week earlier, the report said. The price index for 63.5-percent-grade iron ore imports rose one point to 122 points during the period, while the index for 58-percent-grade imports also climbed one point to stand at 104 points, according to the report. With the consumption off-season approaching, steel companies may be slow to replenish their stocks of iron ore, as there have already been signs of too much inventory at ports and the current economic turnaround did not signify a fundamental improvement in the country's economic situation, Xinhua analysts said in the report. They forecast that import prices of iron ore will fluctuate within a tight range in the near-term, with turnover likely to rise slightly. China, the world's top iron ore consumer and buyer, imported 65.01 million metric tons of the raw material in September, rising 4.1 percent month on month and 7.3 percent from one year earlier, according to customs data.