WEEKLY: China's iron ore port stocks continue mounting

Inventories of imported iron ore piled at China's 47 major ports under Mysteel's tracking expanded for the fifth straight week to reach 173.7 million tonnes as of October 15, higher by 0.3% compared with a week earlier. The total was also significantly higher by 15% compared with the year-ago level.

The further increase in port-side ore stocks was attributed to the higher iron ore arrivals and slower shipment outflows at ports, Mysteel Global noted. The volume of iron ore cargoes arriving at these 47 sampled ports during October 5-11 increased 3.8% from the previous week to total 25.6 million tonnes,