China port iron ore stockpiles up 1 pct this week

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

31 Jul 2010

Stockpiles of imported iron ore at China's major ports climbed to 75.46 million tonnes this week, up 1 percent from last week, industry consultancy Mysteel said on Friday Chinese spot iron ore prices have been on the rise since last week, bolstered by rebounding steel prices and India's ban on exporting iron ore.
However, most Chinese steel mills and traders have remained cautious amid thin trading and uncertain demand, despite iron ore prices surging by 12 percent from mid-July.
Brazilian ores fell by 240,000 tonnes to 16.56 million tonnes from last week, while Australia-origin ore stocks rose by 320,000 tonnes to 24.97 million tonnes from a week earlier.
Stockpiles of ore from India, which aims to curb exports in order to meet domestic demand, also gained 410,000 tonnes to 18.96 million tonnes this week.

Source: Reuters