Inventories of iron ore at 25 of China's major sea ports rose for the sixth consecutive week to 94.15 million metric tons in the week ended June 27, according to the Xinhua-China Iron Ore Price Index released on Tuesday.
The stock of imported iron ore last week was 400,000 metric tons higher than one week earlier, or up 0.4 percent week-on-week, according to the index compiled by the Xinhua News Agency to track iron ore inventories and imports in Chinese spot markets.
The index for 63.5-percent-purity iron ore imports fell 4 points from last week to hit 176 points, while that for 58-percent-purity iron ore imports decreased 3 points week-on-week to rest at 146 points.
Falling purchasing power of steel companies, increased shipments from international iron ore suppliers and recent floods in the south dampened demand for the minerals, according to Xinhua analysts.
As sales of steel products are traditionally slack in the coming weeks, Xinhua analysts said, prices of imported iron ores are likely to remain sluggish in the short term.
Source:Xinhua
Weekly review
The stock of imported iron ore last week was 400,000 metric tons higher than one week earlier, or up 0.4 percent week-on-week, according to the index compiled by the Xinhua News Agency to track iron ore inventories and imports in Chinese spot markets.
The index for 63.5-percent-purity iron ore imports fell 4 points from last week to hit 176 points, while that for 58-percent-purity iron ore imports decreased 3 points week-on-week to rest at 146 points.
Falling purchasing power of steel companies, increased shipments from international iron ore suppliers and recent floods in the south dampened demand for the minerals, according to Xinhua analysts.
As sales of steel products are traditionally slack in the coming weeks, Xinhua analysts said, prices of imported iron ores are likely to remain sluggish in the short term.
Source:Xinhua
Weekly review
