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Article: China's iron ore stockpiles rise to 65.03 mln tons by March 20.
- Article from:
- China Business News
- Article date:
- March 20, 2009
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China's iron ore stockpiles rise to 65.03 mln tons by March 20
Shanghai. March 20. INTERFAX-CHINA - Iron ore stockpiles at China's 22 major ports stood at 65.03 million tons on Friday, March 20, up 3.37 percent from March 13, while Indian iron ore stockpiles fell by 2.18 percent to 16.62 million tons, according to figures released by Shanghai-based Mysteel.
Current steel product prices have fallen to the average production cost level of domestic steel mills. Prices are unlikely to fall further nor are they likely to rebound due to weak demand. As such, steel mills are continuing production cutbacks, which is resulting in the low iron ore trading volume.