WEEKLY: China's iron ore port stocks hold steady

Inventories of imported iron ore stockpiled at China's major 47 ports under Mysteel's regular tracking totalled 171.16 million tonnes as of May 28, down by a minimal 16,800 tonnes from the previous week, according to the latest survey results. Compared with the year-ago level, the portside stocks remained 18.3% higher, though.

New iron ore arrivals at the 47 sampled ports declined by 2.25 million tonnes or 8% on week to 26.05 million tonnes during May 11-17. However, congestion at these ports persisted due to previous massive inflows. By May 28, 119 vessels were queuing at the 47 ports awaiting unloading,