Imported iron ore inventories rise as prices gain last week

Updated: 2012-01-11 11:00


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BEIJING - Iron ore inventories at 25 of China's major sea ports rose to 98.31 million tons in the week ending on Jan 9, up 1.16 million tons from one week earlier, according to the Xinhua-China Iron Ore Price Index released Tuesday.

Meanwhile, the price index for 63.5-percent-purity iron ore imports rose two points to hit 144 points, according to the index compiled by the Xinhua News Agency to track iron ore inventories and imports in Chinese spot markets.

The price index for 58-percent-purity iron ore imports also rose two points week-on-week to rest at 119 points.

Xinhua analysts said the moderate price gains were due to more frequent stock-replenishing moves by steel companies ahead of the upcoming seven-day Spring Festival holiday which starts on Jan 23.

However, the price gains were moderate as demand from downstream businesses remained largely weak, according to the analysts.

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