Imported iron ore stockpiles up in China

BEIJING - Stockpiles of iron ore at 25 major Chinese ports increased last week, according to Tuesday's Xinhua-China iron ore index report.

At the end of the Jan 7 to Jan 13 period, inventories of imported iron ore stood at 88.57 million tons, up 3.14 million tons or 3.68 percent over the previous period, the report said.

The index, compiled through research and analysis of 25 sea ports, showed that the price index for iron ore imports with a 62 percent purity grade dropped 3 points from the previous week to 132. The index for imports of 58 percent purity grade also dropped 3 points to 119.

The report said most traders still maintained a wait-and-see attitude toward iron ore products as the downstream market did not rebound.

It predicted lackluster trade in the iron ore market ahead of the Spring Festival, or Chinese Lunar New Year, that falls on Jan 31 this year.