Iron ore stocks continue to rise last week
Updated: 2011-07-19 16:35
BEIJING -- Inventories of iron ore at 25 of China's major sea ports rose to 95.38 million metric tons in the week ending on July 18, according to the Xinhua-China Iron Ore Price Index released on Tuesday.
Stocks of imported iron ore last week were 450,000 metric tons higher than one week earlier, or up 0.47 percent week-on-week, according to the index. The index is compiled by the Xinhua News Agency to track iron ore inventories and imports on Chinese spot markets.
Prices of imported iron ore continued to rise last week. The index for 63.5-percent-purity iron ore imports increased by 3 points to reach 182 points, while the index for 58-percent-purity iron ore imports climbed by 2 points to hit 150 points.
The country's steel companies have purchased fewer raw materials recently, as sales of steel products are traditionally slack in July, according to Xinhua analysts. This resulted in a rise in iron ore stockpiles at major sea ports last week, Xinhua analysts said.
India's growing demand for iron ore will lead to reduced shipments from the country to China, pushing up the price of the key ingredient in the world's second-largest economy, analysts said.
Prices of imported iron ore are likely to maintain their upward momentum in the short term. However, the momentum will abate before long, as iron ore stocks have continued to rise, Xinhua analysts said.