WEEKLY: China's iron ore port stocks trend lower

Inventories of imported iron ore stockpiled at China's 47 ports under Mysteel's regular tracking fell for the fourth straight week by 1.2 million tonnes or 0.7% on week to 172.16 million tonnes as of April 30, the last working day before the five-day May Day holiday, according to the latest survey results. Nonetheless, the port-side stocks remained 15.9% higher than the year-ago level.

During April 20-26, new iron ore arrivals at the 47 sampled ports inched up slightly to 23.66 million tonnes, higher by 176,000 tonnes or 0.7% on week. Notably, the congestion at these ports eased significantly, with only 91 vessels waiting to be unloaded on April 30, 7 fewer than