Imported iron ore stockpiles continue to rise

Stockpiles of iron ore at 25 major ports in China continued to grow last week, marking the third consecutive week of growth, according to a Tuesday report by Xinhua News Agency.

Inventories of imported iron ore stood at 76.53 million metric tons at the end of the Oct. 22 to 28 period, up 1.24 million tons, or 1.64 percent, from the previous week, according to the report.

The price index for iron ore imports with a 62-percent purity grade dropped two points to 133. The index for iron ore imports with 58-percent purity also shed two points down to 121.

The report said the sluggish trading volume of iron ore was due to the weak demand of steelmakers. The supply and demand sides are still at a stalemate, the report said.

The report forecast that the import prices of iron ore will fluctuate within a tight range in the near term and large-scale purchase orders will be unlikely in the short term.