WEEKLY: China's iron ore prices garner support from winter stockpiling

Chinese prices for imported iron ore continued rising over November 25-29, as demand for the feedstock from steelmakers was resilient despite their reduced production. Recently, many domestic mills have started to build up their ore stocks in preparation for winter production when raw materials supplies are sometimes disrupted, according to industry sources.

The steel market has entered the traditional off-season for demand in winter when building contractors generally reduce their working hours due to the severe cold. Consequently, the subdued demand for their steel led many steelmakers to idle their blast furnaces (BF) for annual maintenance, the sources observed. Consequently, during November