Imported iron ore stockpiles continue to rise

Stockpiles of iron ore at 25 major ports in China continued to grow last week, marking the fourth consecutive week of growth. Inventories of imported iron ore stood at 77.82 million metric tons at the end of the Oct. 29 to Nov. 4 period, up 1.29 million tons, or 1.68 percent, from the previous week, according to industry statistics. The price index for iron ore imports with a 62-percent purity grade rose one point to 134. The index for iron ore imports with 58-percent purity also increased one point to 122. Analysts said that the weak demand of steelmakers will continue as November is the slack season for the industry and it is unlikely that there will be large-scale purchase orders. Analysts forecast that the upcoming Third Plenary Session of the 18th Communist Party of China Central Committee, beginning this week, will bring positive policies to the industry and steel prices may rebound in the short term.