Iron ore stockpiles at China ports slip to 66.52 mln tons by Nov. 6
Shanghai. November 6. INTERFAX-CHINA - Iron ore stockpiles at China's 22 major ports decreased by 2.39 percent from Oct. 30 to 66.52 million tons on Nov. 6, including 12.37 million tons of Indian iron ore stockpiles, which declined by 5.14 percent, according to figures released by Shanghai-based Mysteel Information.
The lower iron ore stockpiles can be attributed to tightening imported iron ore supplies, as Indian iron ore suppliers did not increase exports as much as expected, and there were no spot deliveries from the top three iron ore suppliers. Mysteel expects that iron ore stockpiles will not increase until late November.
The average delivery price for Indian iron ore grading 63 percent stood between RMB 740 ($108.38) and RMB 750 ($109.85) per ton on Nov. 6, up RMB 20 ($2.93) from Oct. 30. The price of Indian iron ore grading 58 percent stayed between RMB 630 ($92.27) and RMB 640 ($93.74) per ton on Nov. 6, up RMB 20 ($2.93) from Oct. 30.
Iron ore freight rates from Brazil's Tubarao Port to Beilun and Qingdao ports increased by 9.45 percent from Oct. 30 to $36.19 per ton on Nov. 5, while freight rates from Western Australia to Beilun and Qingdao ports were $14.50 per ton on Nov. 5, up 7.73 percent from Oct. 30, according to the latest information from Mysteel.
The table below shows stockpile figures at China's 22 ports on Nov. 6.
Iron ore stockpiles at China's 22 ports, Nov. 6, 2009
|Port||Iron ore stockpiles by Nov 6 (mln tons)||Australian ore(mln tons)||Brazilian ore(mln tons)||Indian ore(mln tons)||Detainment|
|Jingtang Port||3.05||0.3||N/A||2.2||2-3 days|
|Caofeidian Port||4.6||1.7||1.8||0.45||15 days|
|Beilun Port||2.7||1.2||1||N/A||3-4 days|
|Shanghai Luojing Port||0.8||N/A||N/A||N/A||N/A|