WEEKLY: Rises in China's iron ore port stocks continue

The stocks of imported iron ore at the 45 major Chinese ports covered in Mysteel's regular survey had risen for the fourth straight week to reach 154.2 million tonnes as of October 31, up by another 783,000 tonnes or 0.5% on week, the latest survey results show. Higher port stocks mainly reflected lower discharge volume over the period, Mysteel Global noted.

Over October 24-30, the daily iron ore discharge volume from these 45 ports dropped for the second consecutive week to an average of 3.2 million tonnes/day, down by another 32,200 t/d or 1% from the prior week. On the other hand, about 24.6 million tonnes of iron ore arrived at the same ports during October 21-27,