Imported iron ore stockpiles rise

Stockpiles of iron ore at 25 major ports in China rose last week as market participants continued their wait-and-see attitude, according to a Tuesday report by the Xinhua News Agency.

Inventories of imported iron ore stood at 74.84 million tonnes at the end of the Oct. 8 to Oct. 14 period, up 2.14 percent or 1.57 million tonnes from the previous week, according to the report.

The price index for iron ore imports with a 62-percent purity grade rose three points to 133. The index for iron ore imports with a 58-percent purity rose two points to reach 122.

The report said that due to tight supplies of iron ore, ore dressing manufacturers and traders had showed strong willingness to support prices.

In addition, demand for steel products failed to meet market expectations and remained weak, according to the report.