WEEKLY: China mills' imported iron ore stocks drop sharply

A notable drawdown in Chinese steelmakers' imported iron ore stocks was recorded over July 2-8, driven largely by mills' cautious procurement amid squeezed steel margins and softer ore consumption, Mysteel's latest survey showed.

As of July 8, total inventories of imported iron ore sintering fines held by the 64 Chinese blast-furnace (BF) steel mills under Mysteel's tracking slipped by approximately 1 million tonnes or 7.1% on week to sit at 13.3 million tonnes. Domestic BF mills' buying appetite for steelmaking raw materials has