WEEKLY: China's iron ore port stocks rise for 6th week

Inventories of imported iron ore stockpiled at China's major 45 ports under Mysteel's regular tracking had risen for the sixth straight week to 149 million tonnes by November 6, according to the latest survey results. The tonnage, hitting an eight-month high, was higher by a substantial 3.6 million tonnes or 2.4% on week, and compared to the year-ago level, the decline narrowed to 2% from the previous week's 6%.

Significantly, the volume of iron ore arriving at these 45 ports hit a record weekly high during October 27-November 2, surging by 11.9 million tonnes or 58.6% on week to 32.2 million tonnes. Since many of the cargoes have been absorbed into port stocks, as of November 6, the