Iron ore stockpiles fall at China's ports

Stockpiles of iron ore fell at 25 major Chinese ports during the week ending on Oct. 15, according to Xinhua's latest iron ore price report released on Tuesday.

Inventories of imported iron ore at the ports stood at 100.6 million metric tons, down by 1.04 million metric tons, or 1.02 percent, from a week earlier.

The price index for 63.5-percent-grade iron ore imports rose eight points to 117 points during the period, while the index for 58-percent-grade imports increased nine points to stand at 99 points, according to the report.

Buoyed by rising steel prices, import prices of iron ore gained last week but are unlikely to report further increases. This is because steel companies may be slow to replenish their stocks of steel-making raw materials in the short term, Xinhua analysts said in the report.

China, the world's top iron ore consumer and buyer, imported 65.01 million metric tones of the raw material in September, rising 4.1 percent month on month and 7.3 percent from one year earlier, according to customs data.