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Iron ore inventories in China reached a record high of about 100 million metric tons due to shrinking downstream demand, but major global suppliers are still increasing output.
The 30 major ports in China have total iron ore stocks of 97.92 million tons, according to figures from mysteel.com, a steel industry information provider.
High stocks and declining prices have increased the risks for iron ore traders, who are facing increasing financial pressure to repay loans. Meanwhile, steel factories are more cautious when purchasing raw materials.