Stockpiles of imported iron ore at 33 major Chinese ports rose 0.78 percent over the week ending Nov. 24 following a week of low demand, Xinhua's latest economic report showed Tuesday.
Iron ore inventories at the 33 ports increased by 0.82 million tonnes to 105.91 million tonnes, according to the Xinhua-China Iron Ore Price Index (Xinhua-China IOP Index). ' The price index for iron ore imports of 62-percent purity dropped from the previous week to 71, and the index for iron ore imports of 58-percent purity dropped to 63.
The imported iron ore price is likely to continue on a downward trend, the report added.
The report attributed the trend to steel firms' caution in making any purchases amid a sluggish steel market. Economic slowdown and negative market sentiment are also slowing the steel market.
The index closely tracks changes in the domestic iron ore market on the basis of in-depth surveys of China's major seaports, iron ore traders and steel makers, as well as analysis of Customs statistics.
The original data was collected via the Xinhua global data and information collection network and put together with comments from experts in the iron and steel production, wholesale, and retail sectors.