China iron ore import declines

Print this page Posted on : 09-26-2009 by recycleinme.com

Shanghai, Sept. 25

Imported iron ore inventories at China's major ports declined 1 per cent on the week ended Friday, while stocks of the ore from India fell by nearly 7 per cent, industry consultancy Mysteel said on Friday. Iron ore prices rose in Asia in the week from a week ago despite a fall in steel and freight prices as investors made purchases ahead of the holidays in China, traders said on Thursday. Traders in China fear a deliberate hoarding of stocks by sellers that could push prices higher, especially as price negotiations in the next fiscal year are on the anvil. Of the total 72.47 million-tonne iron ore inventories, 15.12 million tonnes were imported from India, down 1.06 million tonnes from last week's 16.18 million tonnes.

Source : Business Line