Imported iron ore stockpiles rise

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

Inventories of imported iron ore stood at 75.30 million tonnes at the end of the Oct. 15 to 21 period, up 459,000 million tonnes, or 0.61 percent, from the previous week, according to the report.

The price index for iron ore imports with a 62-percent purity grade rose two points to 135. The index for iron ore imports with 58-percent purity increased one point to reach 123.

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.

It is expected that steel prices will remain weak and the iron ore market is likely to remain slack this week, according to the report.