WEEKLY: China's iron ore port stocks see more declines

Inventories of imported iron ore stockpiled at China's 47 major ports under Mysteel's regular tracking dropped for the second straight week to 176.7 million tonnes as of March 26, down 1.5 million tonnes or 0.8% on week, according to the latest survey results. Nonetheless, the portside stocks remained elevated, higher by 17.9% compared with the year-ago level.

During March 16-22, the volume of new iron ore arrivals at the 47 sampled ports rose by 661,000 tonnes or 2.9% on week to 23.8 million tonnes, with more vessels congested at the ports. By March 26, the number of vessels queuing at these ports waiting to be unloaded