China's imported iron ore stocks inch down this week -Mysteel

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Jan 2010

Imported iron ore inventories at China's major ports fell 90,000 tonnes this week to end at 67.33 million tonnes, industry consultancy Mysteel said. Ore originating in Australia rose 370,000 tonnes to 22.6 million tonnes, while Brazilian ore rose 30,000 tonnes over the week, reaching a total of 18.58 million tonnes.
But Indian ore, sourced from the spot market, fell 370,000 tonnes to end the week at 13.98 million tonnes, Mysteel said.
Port iron ore stockpiles have remained near 65-70 million tonnes for more than a year, but traders suggested this week that they might begin falling after the Chinese New Year, a week-long holiday beginning on Feb. 14.
The iron and steel markets in China have been slowing down as the Chinese New Year approaches.
Mysteel said prices of iron ore on the local spot market dipped by an average of 1.4 percent this week, with import prices falling 0.2 percent and local ore falling 1.9 percent.
Steel prices fell by an average of 0.8 percent over the same period, according to the consultancy's composite price index, with long products used in construction dipping 1.1 percent and flat products used in automobiles and home appliances down 0.5 percent.

Source: Reuters