Imported iron ore stockpiles up in China

BEIJING - Stockpiles of iron ore at 25 major Chinese ports increased last week, according to Tuesday's Xinhua-China iron ore index report.

At the end of the November 19 to November 25 period, inventories of imported iron ore in ports stood at 81.11 million metric tons, up 1.63 million tons or 2.05 percent over the previous period, the report said.

The index, compiled through research and analysis of 25 major sea ports, showed that the price index for iron ore imports with a 62 percent purity grade decreased 2 points from the previous week to 135, and the index for iron ore imports of 58 percent purity grade fell 3 points to 122.

Steelmakers showed little desire to buy iron ore as the downstream market has not rebounded. Meanwhile, oversupply has caused high supplies that have kept prices from rising, indicating risk of price drops for imported iron ore in 2014, according to the report.