WEEKLY: China's iron ore port stocks rise further

Inventories of imported iron ore stockpiled at China's 47 major ports tracked by Mysteel increased for the second straight week to approximately 174 million tonnes by July 30, up 2.87 million tonnes or 1.7% on week. Meanwhile, the stocks were also 22.3% higher than the year-prior level.

During July 20-26, about 26.68 million tonnes of iron ore cargoes arrived at the 47 surveyed ports, down 2.21 million tonnes or 7.6% from the previous week. Yet, the efficiency of port operations improved significantly – only 121 vessels were waiting to be unloaded at these ports by July