China's imported iron ore stockpiles rise

Stockpiles of imported iron ore at 33 major Chinese ports surged 1.44 percent as of Nov. 3 compared to a week earlier due to weak demand, new data showed Tuesday.

Iron ore inventories at the 33 ports rose by 1.47 million tonnes to 103.44 million tonnes, according to the Xinhua-China Iron Ore Price Index (Xinhua-China IOP Index).

The price index for iron ore imports of 62-percent purity grade dropped from the previous week to 79, and the index for iron ore imports of 58-percent purity grade stayed flat at 71.

A slowing economy and mounting environmental pressure is hurting the profit margin of the steel industry, softening demand for iron ore, said the index report.

The imported iron ore price is likely to continue on a downward trend, the report added.

The index closely tracks changes in the domestic iron ore market on the basis of in-depth surveys of China's major seaports, iron ore traders and steel makers, as well as analysis of Customs statistics.

The original data were collected via the Xinhua global data and information collection network and put together with comments from experts in the iron and steel production, wholesale, and retail sectors.