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 74.32 million tons from September 10 to September 16, up 0.06 percent from the previous week, according to the report.

The price index for iron ore imports with a 62 percent purity grade stood at 135. The index for iron ore imports with a 58 percent purity grade reached 125.

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

Despite the arrival of the traditional peak season for steel consumption, demand for steel products failed to meet market expectations and remained weak, according to the report.