WEEKLY: China's iron ore port stocks edge higher

Inventories of imported iron ore stockpiled at China's 45 major ports under Mysteel's regular tracking reached a new record high of 171.4 million tonnes on February 5, though the on-week increase eased to 1.2 million tonnes or 0.7%, according to the latest survey results.

New iron ore arrivals at the 45 surveyed ports dropped mildly during January 26-February 1, with the total volume down by 453,000 tonnes or 1.8% on week at 24.8 million tonnes. Nonetheless, port congestion at these ports worsened – on February 5, 111 vessels were waiting to unload, 5