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China's iron ore stockpiles rise on soft transactions

Xinhua | Updated: 2013-06-26 11:20

BEIJING -- Iron ore stockpiles at Chinese ports saw a minor increase during the week ending June 24 amid a continued trend of subdued transactions, according to data released on Tuesday.

Inventories of iron ore at 25 major Chinese ports stood at 75.18 million tons from June 18 to June 24, marking a week-on-week increase of 520,000 tonnes, or 0.7 percent, according to a report released by Xinhua News Agency.

The price index for 63.5-percent-grade iron ore imports edged up 1 point from the previous week to reach 113 points, while the index for 58-percent-grade iron ore gained 2 points to 104 points.

The report attributed the rises to steel producers' rush to replenish their inventory after the Dragon Boat Festival holiday, which ran from June 10 to 12.

Despite the price rise, the market did not see a significant improvement in trading volume, indicating a continued standoff between buyers and sellers, the report said, adding that prices are expected to fall with the arrival of the slack season for the steel industry.

China, the world's top iron ore consumer and buyer, imported 740 million tons of the raw material in 2012, up 8.4 percent year on year, data from the General Administration of Customs show.

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