WEEKLY: China's iron ore port stocks slip further before holiday

With China's three-day Dragon Boat Festival holiday just around the corner, inventories of imported iron ore stockpiled at the country's major 45 ports under Mysteel's regular tracking dropped for the fourth straight week to 138.7 million tonnes as of May 29, down by another 1.2 million tonnes or 0.9% on week and marking the lowest level in 15 months, according to Mysteel's data.

The continuous decline in iron ore portside stocks over the past weeks was mainly blamed on fewer arrivals of iron ore at the ports, Mysteel Global notes. For example, the volume of iron ore arriving at the 45 surveyed ports shrank for the fourth straight week to 21.5 million tonnes