Iron ore stockpiles climb
Source: Xinhua |
July 18, 2012, Wednesday
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Print Edition
Print Edition
IRON ore stockpiles at 25 major ports in China continued to climb in the week ending July 16, as the economic slowdown discouraged steel factories from expanding production, according to Xinhua's latest iron ore price report released yesterday.
Inventories of imported iron ore at the ports stood at 98.26 million tons, up 350,000 tons week on week. The price index for 63.5-percent-grade iron ore imports fell 1.44 percent, or 2 points, to 137 points in the week.
The index for 58-percent-grade imports dropped 1.7 percent to 116 in the week.
Squeezed by rising costs and declining prices, Chinese steel makers either reduced their production or lowered prices to get them through the economic slowdown, Xinhua said.
Inventories of imported iron ore at the ports stood at 98.26 million tons, up 350,000 tons week on week. The price index for 63.5-percent-grade iron ore imports fell 1.44 percent, or 2 points, to 137 points in the week.
The index for 58-percent-grade imports dropped 1.7 percent to 116 in the week.
Squeezed by rising costs and declining prices, Chinese steel makers either reduced their production or lowered prices to get them through the economic slowdown, Xinhua said.
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