WEEKLY: China's iron ore port stocks end 8-week rise

The eight-week accumulation in imported iron ore inventories at 45 Chinese major ports finally came to an end over August 19-25, with the volume thinning by 722,100 tonnes or 0.5% on week to 138.2 million tonnes, according to Mysteel's survey. Behind the reversal in iron ore port stocks was the higher daily discharge rate.

During the latest survey period, the daily discharge rate from these 45 ports totaled 2.8 million tonnes/day on average, touching a one-month high after the fourth consecutive week of rise, though it was still 4.5% lower than the same period last year. The higher discharge rate reflected Chinese steelmakers' recent production resumption, as they need to haul more iron