WEEKLY: Slower buys cause China mills' imported iron ore stocks to drop

Chinese steelmakers' buying interest in imported iron ore weakened recently as they reined in their production amid tepid steel demand, which resulted in a decline in their in-plant ore stocks, Mysteel's latest survey showed.

As of December 4, total inventories of imported iron ore sintering fines held by the 64 domestic steel mills under Mysteel's regular tracking had dropped by 2.4% on week to reach 11.4 million tonnes. Chinese steelmakers' lower demand for iron ore could be largely attributed to their recent reduction in production, Mysteel Global noted. Daily hot