WEEKLY: China's iron ore port stocks expand further

Inventories of imported iron ore piled at China's 47 major ports under Mysteel's tracking climbed further to hit a more than six-month high of 177.59 million tonnes as of November 12, up for the third consecutive week by 1.3% from a week earlier. The stocks were also higher by 12.9% from the year-ago level.

The latest increase was partly attributed to the slower pace of ore discharge from the ports. During November 5-11, the daily outflows of imported iron ore from the 47 surveyed ports averaged 3.2 million tonnes/day, edging down 0.5% from a week earlier. This reflected weaker buying interest in import iron