WEEKLY: Decline in China's iron ore port stocks accelerates

Inventories of imported iron ore stockpiled at China's 47 major ports tracked by Mysteel dropped for the third straight week, falling by 2.61 million tonnes or 1.5% on week to 170.65 million tonnes as of July 16. This marked an acceleration from the prior week's decline of 0.8%.

New iron ore arrivals at the 47 sampled ports continued to decrease during the week of July 6-12, with the total volume shrinking 2.1 million tonnes or 8.1% on week to 23.78 million tonnes. However, port congestion worsened further, mainly due to the earlier typhoon weather that had slowed