WEEKLY: China's iron ore port stocks rise to 7-m high

Inventories of imported iron ore stockpiled at China's major 45 ports under Mysteel's regular tracking increased for the fifth straight week to reach 145.4 million tonnes by October 30, the highest level since end-March, according to Mysteel's latest survey results. Although this represented an on-week growth of 1.2 million tonnes or 0.8%, the total stocks were still 6% lower on year.

The port stocks continued to absorb the ore cargoes from previous arrivals, though the recent arrivals declined further. During October 20-26, the total volume of iron ore arriving at the 45 surveyed ports slumped by another 4.9 million tonnes or 19.5% on week to 20.3 million tonnes. Nonetheless, the