Imported iron ore stockpiles rise

Stockpiles of iron ore at 25 major ports in China increased last week, according to a Tuesday report by Xinhua News Agency.

Inventories of imported iron ore stood at 79.48 million metric tons at the end of the Nov. 12 to Nov. 18 period, up 2.08 million tons, or 2.68 percent, from the previous week, according to the report.

The price index for iron ore imports with a 62-percent purity grade rose one point to 137. The index for iron ore imports with 58-percent purity also increased one point to 125.

The report said iron ore trading volume was sluggish because most steelmakers were not active in buying ore and were maintaining a wait-and-see attitude.

The report forecast that supply and demand will remain at a stalemate, and import prices of iron ore will fluctuate within a tight range in the near term.